Tags: Silvergate capital

Crypto Industry Turns to Customers Bank as Preferred Partner Amidst Collapse of Silvergate, Signature

The bank’s exchange network, SEN, had a simple premise and played a crucial role from its inception in 2018 through its shutdown on Friday. Analysts and experts are handicapping who might fill the void.

Silvergate Capital shares have tumbled 29 in after hours trading on Wednesday as the crypto-friendly lender raised a “going concern” issue in a regulatory filing.

Shares of the crypto bank were falling almost 30 following the publication of a Bloomberg article Thursday.

Silvergate stock is down about 90 over the past year thanks to the crypto bear market and its deposit relationship with FTX.

The bank is looking to preserve capital as it navigates recent volatility in the crypto industry.