2023-03-11 — cnbc.com
Silvergate bank, a central lender to the crypto industry, said on Wednesday that it's winding down operations and liquidating its bank. The stock plunged more than 36% in after-hours trading.
Silvergate has served as one of the two main banks for crypto companies, along with New York-based Signature Bank
. Silvergate has just over $11 billion in assets, compared with over $114 billion at Signature. Bankrupt crypto exchange FTX was a major Silvergate customer.
"In light of recent industry and regulatory developments, Silvergate believes that an orderly wind down of Bank operations and a voluntary liquidation of the Bank is the best path forward," the company said in a statement.
All deposits will be fully repaid, according to a liquidation plan shared on Wednesday. The company didn't say how it plans to resolve claims against its business.
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