Cryptocurrency bank Silvergate has suspended dividends to maintain its "highly liquid balance sheet."

ChainCatcher news, according to Cointelegraph, California-based cryptocurrency bank Silvergate has announced that it will suspend dividends on its 5.375% fixed-rate non-cumulative perpetual preferred stock Series A to maintain its "highly liquid balance sheet," but Silvergate emphasized that it still maintains "cash positions exceeding its digital asset customers' related deposits."

It is reported that Silvergate previously laid off 200 employees (40% of its total workforce) on January 5 to sustain operations, and it reported a massive net loss of $1 billion in its fourth-quarter report for 2022. (Cointelegraph)