{"id":561221,"date":"2023-03-09T00:43:02","date_gmt":"2023-03-08T21:43:02","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/silvergate-capital-corporation-will-voluntarily-liquidate-silvergate-bank\/"},"modified":"2023-03-09T00:43:02","modified_gmt":"2023-03-08T21:43:02","slug":"silvergate-capital-corporation-will-voluntarily-liquidate-silvergate-bank","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/silvergate-capital-corporation-will-voluntarily-liquidate-silvergate-bank\/","title":{"rendered":"# Silvergate Capital Corporation will \u2018voluntarily liquidate\u2019 Silvergate Bank"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a25385449837\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a25385449837\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/silvergate-capital-corporation-will-voluntarily-liquidate-silvergate-bank\/#%E2%80%9D_Silvergate_Capital_Corporation_will_%E2%80%98voluntarily_liquidate_Silvergate_Bank_%E2%80%9C\" >&#8221; Silvergate Capital Corporation will \u2018voluntarily liquidate\u2019 Silvergate Bank  &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Silvergate_Capital_Corporation_will_%E2%80%98voluntarily_liquidate_Silvergate_Bank_%E2%80%9C\"><\/span>&#8221; Silvergate Capital Corporation will \u2018voluntarily liquidate\u2019 Silvergate Bank  &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDMvZjEyODY5MWEtMjgwOC00NTA2LWI1OGEtODFlOWRiMjU0NTUwLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-48054ca8>The parent company of Silvergate Bank, known to many in the space as one of the major crypto banks, has announced plans to \u201cwind down operations\u201d and liquidate the bank.<\/p>\n<p>In a March 8 announcement, Silvergate Capital Corporation <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.businesswire.com\/news\/home\/20230308005795\/en\/Silvergate-Capital-Corporation-Announces-Intent-to-Wind-Down-Operations-and-Voluntarily-Liquidate-Silvergate-Bank\">said<\/a> the decision to shutter operations was \u201cin light of recent industry and regulatory developments.\u201d According to the company, the Silvergate Bank liquidation plan included \u201cfull repayment of all deposits&#8221;.<\/p>\n<p>Many crypto firms, including Coinbase, Paxos, Gemini, BitStamp and Galaxy Digital, announced in March they would cut ties to the bank following an investigation into Silvergate\u2019s alleged involvement in the collapse of FTX. The bank said it would be closing its exchange network on March 3, claiming the termination was a \u201crisk-based decision.\u201c<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">UPDATE: Employees at Silvergate <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24SI&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$SI<\/a> have been told to prepare for liquidation and shutdown imminently. <\/p>\n<p>**Source: \u201cwe\u2019ve been told that an orderly liquidation will be announced and our charter will be handed over to the FDIC.\u201d<\/p>\n<p>**employees have been given their WARN Act\u2026 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/2v15gcjMHQ\">https:\/\/t.co\/2v15gcjMHQ<\/a><\/p>\n<p>\u2014 Andrew (@AP_Abacus) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/AP_Abacus\/status\/1633583302211694593?ref_src=twsrc%5Etfw\">March 8, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>Silvergate was one of the major banking partners for many crypto firms, but drew concerns about its solvency following an announcement it would delay the filing of its annual 10-K report by two weeks. The document typically provides an overview of a company\u2019s financial situation.\u00a0<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>White House \u2018aware\u2019 of the Silvergate situation, says spokeswoman<\/em><\/strong><\/p>\n<p>With the future absence of Silvergate, it\u2019s unclear what the impact will be on other crypto firms with funds tied to the bank or otherwise exposed. The bank reported that the transfer volume of consumer fiat deposits drop roughly $50 billion in the third quarter of 2022 compared to that over the same period in 2021.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/silvergate-capital-corporation-will-voluntarily-liquidate-silvergate-bank\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Silvergate Capital Corporation will \u2018voluntarily liquidate\u2019 Silvergate Bank &#8220; The parent company of Silvergate Bank, known to many in the space as one of the major crypto banks, has announced plans to \u201cwind down operations\u201d and liquidate the bank. In a March 8 announcement, Silvergate Capital Corporation said the decision to shutter operations was&#8230;<\/p>\n","protected":false},"author":1,"featured_media":561222,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2023-03\/f128691a-2808-4506-b58a-81e9db254550.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74863,71939,117,73711],"class_list":["post-561221","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-cryptocurrencies","tag-banks","tag-business","tag-investments"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/561221","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=561221"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/561221\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/561222"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=561221"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=561221"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=561221"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}