- 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.
Silvergate Bank to Shut Down After Financial Crisis