Just in: Silvergate goes out of business

Popular crypto bank, Silvergate says it is going out of business.

 

The firm, in the announcement, said that it intends to return all customer deposits.

 

 

Considered one of the two major digital banking giants in the United States, Silvergate Capital has promised to repay all deposits in full.

 

The press release said that “it’s intent to wind down operations and voluntarily liquidate the bank in an orderly manner and in accordance with applicable regulatory processes.

 

“In light of recent industry and regulatory developments, Silvergate believes that an orderly wind down of bank operations and a voluntary liquidation of the bank is the best path forward,”

 

Details later.

 

 

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