Tagged: silvergate

SEC Charges Silvergate Capital with Allegedly Misleading Investors About Compliance Program

The Securities and Exchange Commission (SEC) charged Silvergate Capital Corporation, its former CEO Alan Lane, and former Chief Risk Officer (CRO) Kathleen Fraher with allegedly “misleading investors about the strength of the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance program and the monitoring of crypto customers,… Read More

Is Crypto Contagion Spilling into Traditional Finance? Silicon Valley Bank Shares Crater, Looks to Raise Capital [u]

Yesterday, CI received multiple texts from Fintech insiders that expressed their worries about Silicon Valley Bank (NASDAQ:SIVB), a bank favored by startups. Shares in the bank tanked by over 60% yesterday as investors rushed for the exit. The cause of concern was the announcement by… Read More

Silvergate Bank Market Cap Under $100 Million

Silvergate Capital Corporation (NYSE:SI) has seen its market valuation plummet as it now trades at bankruptcy levels. At market close today, Silvergate shares traded at $2.84, having lost over 42% of its value during the day. The cratering of value followed the news yesterday that… Read More

Digital Asset Experts School Senators on Silvergate Debacle: Not Due to Crypto

Like the day is followed by night, we can count on politicians piling on a debacle when they can craft a sound bite that fits their desired narrative. As was reported yesterday, Silvergate Capital Corporation (NYSE:SI) has decided to wind down its operations following the collapse… Read More

The End. Silvergate Decides to Liquidate Silvergate Bank as Crypto Collapse is Too Much for the Bank

That's All Folks The End Final

Silvergate Capital Corporation (NYSE:SI), the holding company for Silvergate Bank, has decided to wind down operations and voluntarily liquidate the Bank in an “orderly manner and in accordance with applicable regulatory processes.” Shares in Silvergate are trading down by over 30% in after-hours trading. Silvergate was… Read More

JP Morgan Severs Relationship with Gemini, Crypto Firm Disputes Claim: Report

JP Morgan (NYSE:JPM) has severed its relationship with the Winklevoss brothers crypto platform Gemini, according to a report by Reuters. The article cited a contact that was “familiar with the situation.” At the same time, Gemini is disputing the claim. In a Tweet, Gemini stated… Read More

Silvergate Halts its Silvergate Exchange Network (SEN) for Crypto

Silvergate (NYSE:SI) has halted its Silvergate Exchange Network (SEN), an API service for banking customers to allow 24/7/365 real-time transfers for institutional investors active in the digital asset sector. Silvergate said it was making a “risk-based decision to discontinue the SEN,” adding that all other… Read More

Silvergate Plummets Further as Market Cap Drops Below $200 Million

Shares in Silvergate Capital Corporation (NYSE:SI) continue to nosedive shares closed today at $5.72/share, losing over 57% of its value in a single day. Silvergate’s market capitalization is now under $200 million. Following the news that Silvergate was unable to publish its annual report (1o-K), along… Read More

Update: Silvergate’s Shares Sink Further as Questions About Viability Push Investors to Flee

As was reported yesterday, Silvergate Capital Corporation (NYSE:SI) has announced it will be unable to meet its deadline in posting its annual report (10-K) for 2022 and will not be able to make the extended deadline of March 16, 2023. Following the announcement, shares tanked by… Read More

Silvergate Unable to File Annual Report on Time, Shares Crater by Over 31%

Silvergate Capital Corporation (NYSE:SI), once a high flying, an innovative bank serving the digital asset industry, filed a notice with the Securities and Exchange Commission (SEC) today indicating it was unable to file its annual report or 10K on time. Additionally, the bank stated that… Read More

No Surprise: Moody’s Downgrades Silvergate Bank

Rating service Moody’s has downgraded Silvergate Capital (NYSE:SI) following the revelation that deposits rapidly declined during Q4 of 2022, and the bank had to shore up its balance sheet. Moody’s downgraded the ratings of Silvergate Capital and its bank subsidiary Silvergate Bank, following the downgrade… Read More

Silvergate Bought Facebook – Meta’s Diem Platform for $200 Million, It is Now Worth ZERO

Silvergate (NYSE:SI), a west-coast regulated bank that has moved into the digital asset sector in a big way, announced that it was writing down its purchase of Diem to zero. Diem was the digital currency project launched by Facebook – META (NASDAQ:FB) that attempted to create… Read More

Crypto Friendly Bank Silvergate Sees Shares Plummet by Almost 50%, Deposits Sink by $8.1 Billion

Silvergate (NYSE:SI) shares are tanking today, dropping by approximately 46% – as of this writing. Silvergate has been a crypto-friendly regulated bank accepting deposits from crypto firms where other banks feared to tread. Bankrupt crypto exchange FTX was one of Silvergate’s customers. In recent weeks,… Read More

US Senators Send Letter to Silvergate CEO Demanding Answers on FTX Collapse, Alameda Involvement

This past Mondy, Silvergate (NYSE:SI) CEO Alan Lane took the extraordinary measure of posting a public letter defending his bank’s handling of the accounts of now bankrupt FTX and affiliated hedge fund Alameda Research. Silvergate is a regulated bank that has been a leader in working… Read More

Silvergate Defends Dealings with FTX: We conducted extensive due diligence

Silvergate (NYSE:SI), a west coast banking operation that has been a leader in supporting the digital asset sector, is not getting a lot of love these days. Its relationships with previously high-flying crypto platforms have come back to haunt the bank. Silvergate started 2022 with… Read More

Silvergate Capital CEO Alan Lane Shares Company’s Plans after $200M Diem Acquisition

Alan Lane, CEO at Silvergate Capital (NYSE:SI), has noted that the bank holding company aims to introduce a stablecoin by the end of 2022.  The plan has been revealed after the firm’s recent acquisitions of assets and intellectual property (IP) from Meta’s (Facebook) (NASDAQ:FB) crypto project… Read More

Crypto.com Exchange Introduces International USD Deposits, Withdrawals with Assistance from Silvergate

Crypto.com Exchange has announced that it’s working with Silvergate, the provider of financial infrastructure solutions to the virtual currency industry, in order to introduce USD deposits and withdrawals to its institutional clients. As mentioned in an update shared with CI, this integration is “an additional… Read More

Silvergate Capital Corporation to Issue Diem Stablecoin in the US

Silvergate Capital Corporation (NYSE: SI) will partner with Diem, formerly Libra, to issue a US dollar stablecoin in the US. Silvergate is a Federal Reserve member bank and a provider of financial infrastructure solutions and services for the growing digital currency industry. Shares in Silvergate… Read More

Crypto Exchange Bitstamp Hits $50 Million in Loan Originations Through Silvergate’s SEN Leverage

Bitstamp, a Luxembourg-based cryptocurrency exchange, announced on Tuesday it has surpassed $50 million in loan originations through Silvergate Capital Corporation’s (NYSE:SI) SEN Leverage product. Bitstamp reported it was the first digital currency organization to offer custody and collateral management though SEN Leverage. The platform has… Read More

Liquid Announces Support of Instant USD Settlement on Silvergate Exchange Network

Cryptocurrency exchange platform Liquid announced on Sunday it is working with Silvergate Bank to support instant USD settlement on an internal settlement platform, the Silvergate Exchange Network (SEN). Liquid reported it has completed integration with SEN that will allow Liquid users to deposit and withdraw… Read More

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