(Charlotte Harrison/Unsplash, modified by CoinDesk) Silvergate Bank lost more than $8 billion in deposits from its crypto customers in the final months of 2022 as its core block of business crumbled under the industry’s implosion – just as the bank’s regulators had predicted might happen for such institutions. The sudden evaporation of most of its deposit base was only one of several worries for the La Jolla, California-based lender. The company has faced pressures from U.S. banking watchdogs that have been insisting that banks shouldn’t concentrate on crypto, and its disclosures this week revealed investigations from regulators and the U.S. Department of Justice, plus a suggestion that ongoing audits may require a restating of its financials. Apart from all that, its one-time crypto strengths were starting to drag it down, according to a CoinDesk analysis of the bank’s financial reports over the past several years. BTC$22,306.25 ETH$1,565.46 BNB XRP APT View All Prices Many of the raw numbers reported by Silvergate over the years reveal an institution that may have peaked in 2021, well before the dramas of 2022 shook the crypto sector. The volume on its Silvergate Exchange Network , for instance, hit a high in the first […]
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
