in ,

Developing Story: Silvergate Bank announced Voluntary Liquidation

Days after issuing a warning that it wouldn’t be able to survive the year, Silvergate Bank has announced that it is going into voluntary liquidation.

The crypto-friendly bank was a crucial part of the ecosystem for the sector, acting as a fiat on-ramp for numerous companies.

Nevertheless, after Silvergate informed the SEC that it wouldn’t be able to submit its annual report by the deadline, numerous businesses severed ties with the company.

That followed the bank reporting a $949 million loss in 2022 as opposed to a $76 million profit the previous year.

Silvergate has stated that its plans call for the complete repayment of all deposits when it winds down operations.

The news caused Bitcoin to fall below $22,000, a level that bulls had been able to hold for the majority of the day.

Rebecca Ahoame

Written by Rebecca Ahoame

Rebecca is a Student of the Federal University Lafia, Nasarawa State, North-Central Nigeria. She has passion for writing and research. Rebecca writes for NewsWay on Business and Finance.

Leave a Reply


Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

    Elon Musk’s goal of producing 20 million Teslas annually may be realized if a significant change in battery technology can be made

    CORE DAO: Three Levers of the Core Network