Silvergate Bank to Shut Down After Financial Crisis

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  • Silvergate Capital Corporation, the holding company of crypto-focused Silvergate Bank, announced Wednesday its intent to wind down operations and voluntarily liquidate the banking unit.
  • The move came days after Silvergate shocked the industry with news that it was facing a financial crisis.
  • Silvergate Bank was one of the few banks that acted as an intermediary for cryptocurrency transactions.
  • The bank will now be shutting down due to the financial crisis.