Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

Crypto Bank Silvergate Repays Deposits as Part of Liquidation Plans

Published 11/23/2023, 03:34 PM
Updated 11/23/2023, 03:45 PM
Crypto Bank Silvergate Repays Deposits as Part of Liquidation Plans

  • Crypto bank Silvergate said it has fully repaid all its deposit liabilities.
  • The development is a follow-through on its plans to liquidate its business.
  • The bank lost over $1 billion after investors pulled out $8 billion following the FTX collapse.

Silvergate Capital, a cryptocurrency-focused bank, announced on Wednesday it had fully reimbursed all remaining deposit liabilities, Reuters reported. The recent move follows the bank’s decision to cease operations earlier this year.

According to the report, Silvergate announced in March that it intended to voluntarily liquidate after suffering losses as a result of the sudden collapse of crypto exchange FTX. Presently, the bank possesses less than $10,000 in holdings.

In a statement, the company reiterated its commitment to the planned liquidation. “Silvergate continues to focus on implementing the Bank Liquidation,” it said.

The bank, once an industry favorite, was badly hit by the FTX collapse that worsened already bearish conditions in the crypto market last year. As noted in the report, investors scared off by the FTX catastrophe withdrew more than $8 billion in deposits from Silvergate. As a result,…

The post Crypto Bank Silvergate Repays Deposits as Part of Liquidation Plans appeared first on Coin Edition.

Read more on Coin Edition

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.