Silvergate Capital fully repays deposit liabilities

Silvergate Capital

22/11/2023 22:14

Nov 22 (Reuters) - Crypto-focused bank Silvergate
Capital said on Wednesday it had fully repaid all remaining
deposit liabilities, following the bank's decision earlier this
year to wind down operations. 
    Silvergate, which now holds less than $10,000 according to
the statement, said in March it intended to voluntarily
liquidate after being hit with losses following the dramatic
collapse of crypto exchange FTX. 
    "Silvergate continues to focus on implementing the Bank
Liquidation," it said in a statement on Wednesday. 
    California-based Silvergate, once among the crypto
industry's favored banks, had reported a $1 billion quarterly
loss before the winding down decision, as investors spooked by
the FTX debacle pulled out more than $8 billion in deposits. 
    The cryptocurrency market lost more than a trillion dollars
in value in 2022 as concerns about an impending economic
collapse were heightened by increasing interest rates.
    
    
    
    

 (Reporting by Pritam Biswas in Bengaluru; Editing by Devika
Syamnath)
 ((Pritam.Biswas@thomsonreuters.com;))