The troubled bank said the closure was a 'risk-based decision.'
Silvergate Capital Corporation was once among the most preferred banking institutions for cryptocurrency business, but the entity has faced numerous issues in the past few weeks.“Effective immediately Silvergate Bank has made a risk-based decision to discontinue the Silvergate Exchange Network . All other deposit-related services remain operational,” reads the firm’s statement.
The service allowed investors to complete 24/7 transfers to crypto exchanges, which was one of the most utilized products of the bank. It operated a lot faster than traditional banking wire transfers that could take days. However, the bank raised eyebrows earlier this week when it revealed operational issues and said it had to delay its annual report.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Silvergate suspends Silvergate Exchange Network as company reels from crisesSilvergate’s Silvergate Exchange Network (SEN) will shut down as part of a “risk based decision,” the bank said.
Consulte Mais informação »
Circle Releases Crucial Update on USDC/Silvergate IssuesCircle managed to move reserves of USD Coin (USDC) stablecoin out of collapsing banking heavyweight
Consulte Mais informação »
Bitcoin’s Slow Week Upended by Concerns Regarding Crypto Bank SilvergateCrypto Markets Analysis: Flat price action and mild volume took a turn after bitcoin and ether declined sharply late Thursday night. GWilliamsJr_CMT reports
Consulte Mais informação »
Bitcoin, Ether Fall as Market Continues To Digest SilvergateBitcoin (BTC), ether (ETH) and most other major cryptocurrencies are sinking as customers fled crypto bank Silvergate. Forex.com Global Head of Research Matt Weller discusses the reaction from the broader crypto market and his outlook on Ethereum ahead of the Shanghai upgrade. Plus, why bitcoin long liquidations hit the highest level since August, according to Glassnode data.
Consulte Mais informação »
Total crypto market cap takes a hit amid Silvergate Bank crisisThe total crypto market cap lost a key support after contagion fears related to Silvergate Bank led to a market-wide sell-off.
Consulte Mais informação »
Bitcoin below $23,000 as prices dip, Silvergate's dive takes a breatherCrypto prices dipped at the end of the work week while equities were more fortunate. Silvergate was up almost 6% after plunging Thursday.
Consulte Mais informação »