 | Silvergate Capital, has announced the voluntary liquidation of its banking business and plans to shrink its business. The company cited recent industry trends and regulations as reasons for its decision. The company is currently looking at how to wind down the business, refund deposits, and preserve the residual value of assets. Silvergate Capital's virtual currency deposit amount decreased sharply in the fourth quarter of 2022, and it plans to cut its workforce by 40%. The company's stock price plummeted after major cryptocurrency exchanges suspended transactions with Silvergate Bank. US Federal Reserve Chairman Jerome Powell warned banks to be careful about getting involved in the crypto space due to fraud, lack of transparency, and run risk. [link] [comments] |
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