Silvergate Capital Corp reported a net loss of $1 billion in the fourth quarter, after reporting earlier this month that investors spooked by the collapse of crypto exchange FTX pulled out more than $8 billion in deposits in the last three months of 2022. Shares of the bank were up nearly 4 per cent in pr
Silvergate Capital Corp reported a net loss of $1 billion in the fourth quarter, after reporting earlier this month that investors spooked by the collapse of crypto exchange FTX pulled out more than $8 billion in deposits in the last three months of 2022.The crypto-focused bank had previously announced it would cut its workforce by 40 per cent, or about 200 employees, as it tries to rein in costs amid a deepening crypto downturn.
The dire earnings report shows the extent of the impact on the digital asset industry from the downfall of crypto exchange FTX, which filed for bankruptcy in November after failing to cover customer withdrawals, marking a stunning reversal of fortunes for what was one of the world's biggest crypto exchanges.
Slowing the expansion of its business, La Jolla, California-based Silvergate also said earlier this month it would delay the launch of a blockchain-based payment solution it had purchased from Meta Platforms Inc-backed Diem Group last year.
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