Silvergate, the San Diego-based regional lender that transformed itself into a go-to bank for the crypto industry, plans to wind down operations in the face of turmoil in digital currency markets.
Citing “recent industry and regulatory developments”, Silvergate on Wednesday announced that a “voluntary liquidation of the bank is the best path forward”. The disclosure sent its stock down more than 30 per cent in after-hours trading to $3 a share.
In the past few years Silvergate had developed into the largest cryptocurrency bank in the US, attracting as much as $14bn in customer deposits and reaching a stock price of more than $200 in late 2021.
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