Silvergate Capital announced the closure of operations and voluntary liquidation of Silvergate Bank

2023-03-09 07:41:13

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ChainCatcher news, the holding company of the encrypted bank Silvergate Bank, Silvergate Capital Corporation, announced on Wednesday that it will shut down operations, planning to end the bank's business in an orderly manner and voluntarily liquidate according to applicable regulatory procedures. The stock fell sharply by 40% in after-hours trading.
Silvergate stated that an orderly wind-down of the bank's operations and voluntary liquidation is "the best path forward." The bank's liquidation and winding-down plan includes the full repayment of all deposits. The company is also considering how best to address claims and preserve the remaining value of its assets, including its proprietary technology and tax assets. In addition, Silvergate Bank has decided to ultimately cease the Silvergate Exchange Network (SEN). Furthermore, market news indicates that the California Department of Financial Protection and Innovation (DFPI) is involved in Silvergate's liquidation. (source link)

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