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2023-03-09 13:40:00

Crypto lender Silvergate's descent into voluntary liquidation

(Reuters) - Crypto-focused bank Silvergate Capital Corp became the latest casualty of a meltdown in the industry after announcing plans to wind down operations and voluntarily liquidate. Founded in 1988, Silvergate ventured into crypto in 2013. The bank in December said it would shut its mortgage warehouse business amid rising interest rates and declining mortgage volumes. Nov 11, 2022 The company said it has no outstanding loans or deposits from digital asset customers declined Jan 27, 2023 Silvergate suspends dividend payouts on some of its preferred stock to preserve capital Jan 31, 2023 U.S. senators ask Silvergate for details of its risk management practices and its dealings with bankrupt exchange FTX Feb 2, 2023 U.S. custodian bank State Street Corp reports a Feb 14, 2023 Citadel Securities, the market maker owned by March 1, 2023 Silvergate warned it was delaying its annual March 2, 2023 Cryptocurrency heavyweights including Coinbase March 6, 2023 A slew of crypto firms issue statements about material exposure and services with the bank March 8, 2023 Silvergate plans to wind down operations and voluntarily liquidate (Reporting by Mehnaz Yasmin in Bengaluru; Editing by Sriraj Kalluvila)

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