Silvergate succumbs to crypto industry pressures after customers depart. SOPA Images/LightRocket via Getty Images Silvergate Capital it will wind down its business, a victim of the pervasive pressure on the cryptocurrency sector that caused multiple bankruptcies, notably including the bank’s high-profile client FTX. The decision comes after the company closed its Silvergate Exchange Network last week, a key element in its attempt to provide a bridge between traditional banking services and the digital-assets industry. Without what Moody’s Investors Service has called its “core franchise” and following an exodus of large customers, it was unclear what market the Silvergate Bank operation would be able to serve. Unlike the bankruptcies that roiled the crypto industry last year, Silvergate is planning to liquidate its business in what it called “an orderly manner” according to a news release on its website. The company’s stock ended at $4.90 a share before its announcement on Wednesday, then fell to $3.13 in after-hours trading, an indication that investors think there will be some equity value left after the business is closed. The shares began the year at $17.40 and changed hands above $200 in 2021. “The Bank’s wind down and liquidation plan includes full repayment of […]
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
