Silvergate Bank shut down its cryptocurrency payments network after crypto firms, including Coinbase, dropped their banking relationships. bitcoin
Silvergate Bank has discontinued its cryptocurrency payments network. The decision to shut down Silvergate Exchange Network followed the withdrawal of banking relationships by several major cryptocurrency firms, including Coinbase, Gemini, Paxos, and Circle.Silvergate Bank announced Friday that its cryptocurrency payments network, the Silvergate Exchange Network , has been terminated.
SEN is Silvergate’s proprietary network that allows the bank’s institutional investor and digital currency clients to transfer U.S. dollars between their Silvergate accounts and the accounts of other Silvergate clients 24 hours a day, seven days a week. On Wednesday, Silvergate informed the SEC that it is unable to file its annual report with the regulator for the fiscal year ended Dec. 31 “within the prescribed time period without unreasonable effort or expense due to the reasons described below.” The crypto-focused bank also revealed that it has sold additional debt securities at a loss this year, leading to questions about the company’s ability to operate as a going concern.
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