Silvergate announces voluntary liquidation
Silvergate said it would wind down Silvergate Bank and repay deposits after a severe contraction in crypto-related deposits and mounting losses. The closure also followed the shutdown of the Silvergate Exchange Network, a 24/7 dollar-transfer system widely used by digital-asset firms.
Silvergate said it would wind down Silvergate Bank and repay deposits after a severe contraction in crypto-related deposits and mounting losses. The closure also followed the shutdown of the Silvergate Exchange Network, a 24/7 dollar-transfer system widely used by digital-asset firms.
The institutional mechanism was material banking infrastructure for Bitcoin exchanges/institutions. The shift changed how traditional firms, accounting systems, or regulated products could hold or expose clients to Bitcoin, rather than changing the Bitcoin network itself.
The Bitcoin connection ran through material banking infrastructure for Bitcoin exchanges/institutions. Loss of one of crypto/Bitcoin's major banking bridges and SEN payment infrastructure.