An Important Bank in the Cryptocurrency industry closes its operations
On March 8, Silvergate Bank, a significant player in the virtual currency industry, announced its closure and liquidation.
Silvergate, along with Signature Bank, is one of the primary banks providing services to virtual currency companies. However, Silvergate has only over $11 billion in assets, which is significantly lower than Signature's $114 billion. The bankruptcy of FTX Virtual Currency Exchange has severely impacted Silvergate, as it was one of the significant customers of the bank.
Although Silvergate has assured that all customer deposits will be refunded in full as per the liquidation plan, it has not specified how it will handle customer complaints. The company has hired Centerview Partners as financial advisors and Cravath, Swaine & Moore as legal service providers to assist with the liquidation process.
The decision to liquidate comes just a week after the bank shut down its Silvergate payment network (SEN), which is one of its core services. However, the bank has made it clear that all other deposit-related services are still operational, and customers will be notified in advance if there are any further changes.
Furthermore, Silvergate's delay in submitting its 10-K annual report and reassessment of the company's "viability" has added to the concern of investors and customers regarding the bank's financial stability. The company revealed that the delay in filing was due in part to a regulatory review, which adds to the uncertainty around the future of the bank.
The liquidation of Silvergate has caused significant apprehension within the virtual currency industry. While the bank has provided assurances that deposits will be refunded in full, the lack of clarity on how they will handle customer complaints adds to the anxiety. The hiring of financial and legal advisors provides some hope for a smooth liquidation process, and customers can only wait and watch the situation unfold.
An Important Bank in the Cryptocurrency industry closes its operations
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