{"id":87862,"date":"2023-11-23T05:46:44","date_gmt":"2023-11-23T10:46:44","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/crypto-friendly-silvergate-bank-has-fully-repaid-all-deposit-liabilities-now-holds-less-than-10000\/"},"modified":"2023-11-23T05:46:46","modified_gmt":"2023-11-23T10:46:46","slug":"crypto-friendly-silvergate-bank-has-fully-repaid-all-deposit-liabilities-now-holds-less-than-10000","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=87862","title":{"rendered":"Crypto-Friendly Silvergate Bank Has Fully Repaid All Deposit Liabilities, Now Holds Less Than $10,000"},"content":{"rendered":"<div>\n<figure id=\"attachment_135596\" aria-describedby=\"caption-attachment-135596\" style=\"width: 640px\" class=\"wp-caption aligncenter\"><noscript><\/noscript><figcaption id=\"caption-attachment-135596\" class=\"wp-caption-text\">Source: AdobeStock \/ Timon<\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">Crypto-friendly Silvergate Capital has announced that it has fully repaid all remaining deposit liabilities.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">On Wednesday, the lender said it has fully repaid all remaining deposit liabilities as part of a plan to wind down operations.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cSilvergate continues to focus on implementing the Bank Liquidation,\u201d Silvergate said in a statement, adding that it now holds less than $10,000.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">While the La Jolla, California-based bank said it has positive cash and equivalent balances after repaying deposits, it also has potential liabilities resulting from litigation, regulatory matters, and investigations.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Silvergate Entered Voluntary Liquidation<\/span><\/h2>\n<p><span class=\"replacer\"><\/span><br \/><span data-preserver-spaces=\"true\">The repayment of all deposit liabilities comes after Silvergate\u2019s decision earlier this year to wind down operations.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In March, the bank revealed its intention to\u00a0<\/span><span data-preserver-spaces=\"true\">voluntarily liquidate<\/span><span data-preserver-spaces=\"true\">\u00a0after suffering losses stemming from the collapse of the crypto exchange FTX.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Silvergate was among the lenders hit hardest by the fall of FTX in November last year.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">As reported, Silvergate\u00a0<\/span><span data-preserver-spaces=\"true\">suffered a bank run<\/span><span data-preserver-spaces=\"true\">\u00a0following the collapse of FTX and had to sell $5.2 billion of debt securities it was holding on its balance sheet at a significant loss to cover around $8.1 billion in user withdrawals.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Consequently, it incurred a $718 million loss, which reportedly exceeded the bank\u2019s total profits since 2013.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The bank had only $3.8 billion of deposits at the end of 2022, compared to $11.9 billion in 2021.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Crypto-Friendly Bank Failures<\/span><\/h2>\n<p><span class=\"replacer\"><\/span><br \/><span data-preserver-spaces=\"true\">Some major crypto-friendly banks collapsed earlier this year amid a banking crisis partly attributed to the 2022 crypto meltdown and its ripple effects on traditional finance firms.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In early March, Silvergate Bank\u2019s parent company, Silvergate Capital Corporation,\u00a0<\/span><span data-preserver-spaces=\"true\">announced<\/span><span data-preserver-spaces=\"true\">\u00a0that it had decided to wind down the bank\u2019s operations and liquidate its subsidiary.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Just two days after the collapse of Silvergate, SVB Financial Group, one of the most popular lenders to Silicon Valley tech and growth startups,\u00a0<\/span><span data-preserver-spaces=\"true\">failed<\/span><span data-preserver-spaces=\"true\">\u00a0after a run on the bank.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">During the same time, Signature Bank, another crypto-friendly bank, was\u00a0<\/span><span data-preserver-spaces=\"true\">shut down<\/span><span data-preserver-spaces=\"true\">\u00a0by US regulators over systemic contagion fears.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Following the closure of these three of the largest crypto-friendly banks, crypto firms have been left scrambling to find banking partners.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The collapse of these banks led to crypto companies scrambling to find new banking partners.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">With traditional banks becoming more cautious about servicing the cryptocurrency industry, smaller regional banks and alternative payment service providers\u00a0<\/span><span data-preserver-spaces=\"true\">came onto the scene<\/span><span data-preserver-spaces=\"true\">.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In the US, Customers Bancorp, a Pennsylvania-based lender, has become a popular choice, having launched a real-time payment platform to support the settlement of US dollar transfers underlying cryptocurrency transactions.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Other US lenders that have provided banking services to some cryptocurrency companies include Cross River Bank, Western Alliance Bancorp, and Axos Financial.\u00a0<\/span><\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/crypto-friendly-silvergate-bank-has-fully-repaid-all-deposit-liabilities-now-holds-less-than-10000.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: AdobeStock \/ Timon Crypto-friendly Silvergate Capital has announced that it has fully repaid all remaining deposit liabilities.\u00a0 On Wednesday, the lender said it has fully repaid all remaining deposit liabilities as part of a plan to wind down operations. \u201cSilvergate continues to focus on implementing the Bank Liquidation,\u201d Silvergate said in a statement, adding [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":87863,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-87862","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Crypto-Friendly Silvergate Bank Has Fully Repaid All Deposit Liabilities, Now Holds Less Than $10,000 | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Source: AdobeStock \/ Timon Crypto-friendly Silvergate Capital has announced that it has fully repaid all remaining deposit liabilities.\u00a0 On Wednesday, the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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