Crypto-friendly bank Silvergate says it’s decided to wind down operations and liquidate, making it the latest company to be leveled by the collapse of FTX.
The news triggered a 36% after hours crash in the bank’s stock, and pushed Bitcoin (BTC) from $22,100 to $21,777 at time of publishing.
The California-based bank has about $11 billion in assets and says it will fully repay all deposits in an orderly fashion.
Silvergate is also shutting down its SEN platform, which allowed institutions to quickly swap crypto and cash 24 hours a day, without the need for slow and cumbersome bank wires.
Silvergate says its decision to wind down is the best path forward due to “recent industry and regulatory developments.”
The move will likely cause a
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