Crypto industry braces for impact with Silvergate exit

Crypto industry braces for impact with Silvergate exit

Silvergate is not a systematic risk for the United States banking system, but it could have a significant impact on the crypto markets, multiple sources told Cointelegraph. These may include increasing banking concentration in a few partners and challenges for venture capital firms seeking to establish banking relationships in the country.

The bank was a crypto-fiat gateway network for financial institutions and one of the major on-ramps for cryptocurrencies in the United States until March 8, when its parent company, Silvergate Capital Corporation, disclosed plans to “voluntarily liquidate” assets and shut down operations.

The move affects a “huge number of market markers and exchanges” that relied on the bank to process instant crypto-fiat transactions, explained Mark Lurie, CEO and co-founder of Shipyard Software, a decentralized development

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