Digital Assets: Silvergate Announces Voluntary Liquidation

March 9, 2023 | Digital Assets, News
https://dailyalts.com/wp-content/uploads/2023/03/tina-bosse-aH_95oQDksA-unsplash.jpg

Silvergate will wind down operations and voluntarily liquidate the Bank.

Silvergate Capital Corporation (NYSE: SI) has announced its intention to wind down operations and voluntarily liquidate Silvergate Bank due to recent industry and regulatory developments. The bank’s wind down and liquidation plan includes repaying all deposits.

Meanwhile the company is weighing how best to preserve the value of its assets, including proprietary technology and tax assets.

Centerview Partners LLC, Cravath, Swaine & Moore LLP, and Strategic Risk Associates are assisting with the process.

The bank has also decided to discontinue the Silvergate Exchange Network, with all other deposit-related services remaining operational as the company works through the wind-down process.

Reports had surfaced earlier that the crypto-focused was trying to thrash out ways and means to avoid a shutdown with US Fed officials.

With key clients ending relationships with it, perhaps the liquidation process was a writing on the wall.

On March 2nd, four firms related to cryptocurrency announced that they will no longer be doing business with Silvergate Capital. These were Coinbase, Circle, Gemini, and Paxos.

Their decision was made after the bank revealed in an SEC filing that it was delaying its annual report due to ongoing investigations, and that its status as a going concern was in doubt.

Related Story:  Key Crypto Players Sever Links With Silvergate Capital

Photo by Tina Bosse on Unsplash

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Shape

Latest Alternative Investment News

https://dailyalts.com/wp-content/uploads/2023/12/AMD_headquarters_santa_clara.624da707519a6.jpg
Artificial Intelligence: AMD Takes On Rivals In The AI Chip Sweepstakes
December 7, 2023     Artificial Intelligence, News

Chipmaker AMD (NASDAQ: AMD) has unveiled a range of innovative AI solutions spanning from data centers to personal computers. The AMD Instinct MI300 Series features data center AI accelerators, while…

https://dailyalts.com/wp-content/uploads/2023/12/RHCEU-Inline.jpg
Digital Assets: Robinhood Debuts Crypto Trading On Its App In The EU
December 7, 2023     Digital Assets, FinTech, News

Robinhood (NASDAQ: HOOD) has launched its Crypto app in the European Union (EU), allowing eligible customers to engage in crypto trading with the added incentive of earning Bitcoin rewards. Customers…

https://dailyalts.com/wp-content/uploads/2023/12/Samsung_UK_Samsung_Pay_Lifestyle_0552-revised-Pictogram-23.11.30-1024x744-1.png
FinTech: Samsung Electronics Ties With Mastercard’s Wallet Express
December 7, 2023     FinTech, News

Samsung Electronics (KRX: 005930) and Mastercard (NYSE: MA) have partnered to launch the Wallet Express program, offering banks and card issuers a cost-effective way to expand digital wallet offerings. Through…

https://dailyalts.com/wp-content/uploads/2023/12/Revaia-founders.jpg
Venture Capital: Revaia, Europe’s Biggest Female-Led VC Firm, Racks Up $160M For Second Fund
December 7, 2023     ESG and Sustainability, News, Venture Capital

Revaia, Europe’s largest female-founded venture capital firm, has successfully raised €150 million ($160 million) for its second fund, Revaia Growth II. The funding was secured from sovereign wealth funds, family…