Trouble is brewing for crypto bank Silvergate as the company cuts staff by 40% and sells assets at a loss to cover $8.1 billion worth of customer withdrawals. Furthermore, the company’s crypto-related deposits saw a 68% decline in the fourth quarter of last year. According to a Thursday report by Wall Street Journal, the dramatic collapse of…
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The crypto-friendly US-based bank Silvergate had less than $20m in exposure to the now-bankrupt US-based crypto lender BlockFi. But with yet another bankruptcy in the space, more people are now asking if Nexo – one of the last major crypto lenders still standing – will be the next to go down…. Read More: Following BlockFi…
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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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It’s time for NYDIG to chip in. The FTX fiasco is the theme of the month in the crypto world, and the show’s just beginning. The NYDIG research team avoids the temptation to summarize the whole saga and goes straight to the implications of the fall of Sam Bankman-Fried’s empire. “Some signs of contagion have…
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“We remain optimistic that we are well positioned to scale our hash rate to 13.3 EH/s by the middle of 2022,” said Marathon Digital CEO Fred Thiel. Marathon Digital Holdings, a United States-based crypto mining company, has secured a $100 million revolving line of credit with Silvergate Bank using USD and Bitcoin. According to information…
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Motley Fool analysts think this smallcap bank stock might be the next to benefit from Bitcoin’s surge Following a Citi report downgrading business intelligence firm Microstrategy’s stock to a “sell” rating, analysts for popular trading website the Motley Fool have recommended a lesser-known bank stock that also has an emphasis on cryptocurrencies. Last Tuesday, Citi…
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A number of crypto businesses and non-profits have written to the main banking regulator in the U.S. asking for banks to have more authorization to deal with crypto. In response to a request for comment on potential rules from the Office of the Comptroller of the Currency (OCC), many major players in crypto have written…
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The crypto-friendly bank saw an increase in the number digital currency customers and Bitcoin trading volume in the first quarter of 2020. Bitcoin trading and transaction volumes surged at the pro-crypto Silvergate Bank in the first quarter of 2020. According to an April 29 transcript filed with the U.S. Securities and Exchange Commission (SEC) on…
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