KingData content selection

Mar 09,2023
Silvergate Capital announced on Wednesday that it will close operations and voluntarily liquidate Silvergate Bank. Silvergate Capital Corporation, the holding company of crypto bank Silvergate Bank, plans to wind up the bank's operations in an orderly manner and in accordance with applicable regulatory procedures and enter into voluntary liquidation. The stock fell 40% short-term after hours. Silvergate said an orderly winding down of banking and voluntary liquidation of banks was the "best way forward". The bank's wind-up and liquidation plan includes full repayment of all deposits. The company is also considering how best to resolve the claim and preserve the residual value of its assets, including its know-how and tax assets. Additionally, Silvergate Bank has decided to finally discontinue the Silvergate Exchange Network (SEN). In addition, market sources indicated that the California Department of Financial Protection and Innovation (DFPI) was involved in the liquidation of Silvergate.
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