Bank will wind down operations in an 'orderly manner' and pledges full repayment of all deposits.
San Diego’s Silvergate Bank, which grew fast by catering to cryptocurrency traders, said late Wednesday that it is winding down operations and would liquidate amid mounting losses, customer defections and regulatory pressure.
The bank’s parent first raised red flags about its future last week in a filing with the U.S. Securities and Exchange Commission. It revealed that it risked becoming “less than well-capitalized” and was evaluating its ability to stay in business amid continuing losses. Led by Chief Executive Alan Lane, Silvergate tailored its business toward providing deposit accounts, fund transfers, a real-time payments network and other banking infrastructure to the crypto-currency industry.
Last week, the bank disclosed that losses continued in January and February. The revelation led crypto-trading customers to publicly distance themselves from Silvergate, including Coinbase, Paxos Trust and Bitstamp, among others.
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