The U.S. crypto-focused bank said Thursday that digital-asset clients withdrew US$8.1 billion between the end of September and Dec. 31. Silvergate, which is a Federal Reserve member bank, also announced it’s cutting 200 employees, or about 40 per cent of its workers. Its shares plunged more than 40 per cent on the New York Stock Exchange. (The Logic)
Skip to content
The U.S. crypto-focused bank said Thursday that digital-asset clients withdrew US$8.1 billion between the end of September and Dec. 31. Silvergate, which is a Federal Reserve member bank, also announced it’s cutting 200 employees, or about 40 per cent of its workers. Its shares plunged more than 40 per cent on the New York Stock Exchange. (The Logic)
Talking point: Silvergate credited the decline to a “crisis of confidence” in the digital asset industry, influenced by the collapse of “several high-profile bankruptcies” like FTX, which was one of Silvergate’s clients. The sector’s meltdown continues to worsen, as crypto lender Genesis is reportedly considering filing for bankruptcy and laid off 30 per cent of its staff after cutting 20 per cent last summer. And, a U.S. federal bankruptcy judge ruled Wednesday that cryptocurrencies deposited into accounts with the bankrupt, Caisse-backed crypto lender Celsius Network belong to the company and not customers.
Loading...
Thanks for sharing!
You have shared 5 articles this month and reached the maximum amount of shares available.
CloseThis account has reached its share limit.
If you would like to purchase a sharing license please contact The Logic support at [email protected].
CloseGift the full article!
You have gifted 0 article(s) this month and have 5 remaining.
Recipients will be able to read the full text of the article after submitting their email address. They will not have access to other articles or subscriber benefits.
Most Popular This Week
In-depth, agenda-setting reporting
Great journalism delivered straight to your inbox.
News
U.S. industry leaders plead for truce as tariff fight escalates
Briefing
Couche-Tard’s US$8.7B takeover of Poland’s Zabka moves ahead
Enbridge to buy Salt Creek Midstream’s crude oil-gathering business for US$600M
Canada had no choice but to reject ‘unworkable’ offer from U.S., says ex-chief trade negotiator
Best business newsletter in Canada
Get up to speed in minutes with insights and analysis on the most important stories of the day, every weekday.
Exclusive events
See the bigger picture with reporters and industry experts in subscriber-exclusive events.
Membership in The Logic Council
Membership provides access to our popular Slack channel, participation in subscriber surveys and invitations to exclusive events with our journalists and special guests.
