Yesterday Silvergate Capital said it would wind down its Silvergate Bank subsidiary in an orderly manner. The company was one of the few regulated FDIC banks that supported the cryptocurrency sector and focused the most on digital assets.
“In light of recent industry and regulatory developments, Silvergate believes that an orderly wind down of Bank operations and a voluntary liquidation of the Bank is the best path forward,” the statement says. “The Bank’s wind down and liquidation plan includes full repayment of all deposits.”
Two weeks ago, the Federal Reserve, OCC and FDIC reiterated warnings about bank engagement in the sector.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
