Wednesday, June 12

Tag: Silvergate

Silvergate collapse: Crypto turmoil continues

Silvergate collapse: Crypto turmoil continues

Entertainment, Technology
Silvergate Bank Struggles Amid Crypto Turmoil, Ending Years of Stability in US Banking。 Silvergate Bank, a San Diego-based bank focused on cryptocurrency customers, is scaling back operations after a wave of customer withdrawals. The bank's woes show that the ongoing crisis in cryptocurrencies is spilling over into the regulated U.S. financial system. Silvergate's troubles also end a multi-year period without any U.S. bank failures—an unusually long stretch of stability. Silvergate's issues stem from the collapse of one of its biggest clients, the cryptocurrency exchange FTX. The FTX failure led many of Silvergate's customers to panic and withdraw funds, putting major pressure on the bank. Regulators are also worried about Silvergate's difficulties, as turmoil from cryptocurrencies b...