UPDATE 1-Crypto-focused bank Silvergate plans to wind down operations

Kitco Media
By Reuters
Published:
Updated:
Reuters
(Adds background) March 8 (Reuters) - Crypto-focused bank Silvergate Capital Corp said on Wednesday it planned to wind down operations and voluntarily liquidate. The decision comes after the company flagged risks to its ability to continue operating as a going concern earlier this month, fanning liquidity concerns that sparked a rout in the crypto market.


Multiple partners of the bank, including high-profile firms like Coinbase Global Inc and Galaxy Digital, severed ties with Silvergate last week. (Reporting by Manya Saini and Anirban Chakroborti in Bengaluru; Editing by Maju Samuel)

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.