Silvergate Cuts 40% Jobs, Writes Off Diem Asset Acquisition

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Silvergate Cuts 40% Jobs, Writes Off Diem Asset Acquisition
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Crypto-focussed bank Silvergate has laid off 40% of its staff or around 200 employees as it also shelves plans of launching its own digital currency. By parikshitm899

The bank has also halted its plans to launch a digital currency and has written off the $196 million it spent to buy the technology and assets of Diem Association from Meta .Shares of Silvergate were down 23% at $16.

9 in pre-market trading.
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