Concerns have been raised around the financial health of the tech-focused bank, which services the likes of crypto-friendly VCs such as Sequoia and a16z. Fears have been heightened over the future of another United States bank this week after Silicon Valley Bank (SVB) announced a significant sale of assets and stocks aimed at raising additional…
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Crypto-friendly US-based bank Silvergate Bank has begun the voluntary process of liquidation, according to a statement issued by the California Department of Financial Protection and Innovation (DFPI). The announcement of Silvergate Bank’s liquidation comes just a day after reports surfaced suggesting that the bank was discussing ways to avoid a shutdown with US federal officials….…
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The spokeswoman said that she won’t be commenting specifically on Silvergate, but the White House will be actively monitoring the situation. The Biden Administration is “aware of the situation” at Silvergate and will continue to monitor reports on the troubled bank as it unfolds, according to a White House spokesperson. Speaking at a press briefing…
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Crypto-friendly bank Silvergate has delayed filing its 10-K, an annual report on the financial health of the company. The news has sent its stock price down 31%. Silvergate Bank has announced that it will delay the filing of its annual 10-K report, which has sent its stock price down over 30% after hours. A 10-K…
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The Federal Reserve Board has denied the request from crypto-focused Custodia Bank to reconsider its membership to the Federal Reserve System. The United States Federal Reserve has denied a request from cryptocurrency bank Custodia Bank to reconsider its membership application to the Federal Reserve System. The Fed announced its denial on Feb. 23 saying the…
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Silvergate Capital Corporation, the parent firm of the crypto-focused bank Silvergate Bank, has attributed the $1 billion loss it incurred in the fourth quarter of 2022 to the confidence crisis that permeates the entire crypto ecosystem. While Silvergate has taken steps to help it navigate the current environment, according to the CEO Alan Lane, the…
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Silvergate Capital has been quick to distance itself from the now-bankrupt crypto lender BlockFi. Institutional crypto services provider Silvergate Capital has confirmed its minimal exposure to the embattled BlockFi crypto lending firm. On Nov. 28, Silvergate announced that its deposit relationship with BlockFi is “limited to less than $20 million of its total deposits from…
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Digital asset platform Nuri has told customers to withdraw their funds in the next two months, after taking a hit from the crypto winter. Formerly known as Bitwala, the Berlin-headquartered cryptocurrency bank filed for insolvency earlier this year and failed to find a buyer. Nuri to Maintain Trading Until Last Day of November, Prepares to…
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Nebraska could follow Wyoming and open its first crypto bank should the bill pass the final round. Lawmakers in the U.S. state of Nebraska have taken another step towards passing a bill that will allow state banks to offer cryptocurrency services. According to a May 19 tweet from Senator Julie Slama, the legislature called LB…
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Unicas is planning to open 50 banks in India by the end of the year, but a proposed bill banning crypto could complicate matters. India’s Unicas crypto bank opened its third physical branch last week in New Delhi. Previous locations were launched in Jamnagar and Jaipur. Unicas reportedly allows customers to access fiat and crypto…
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