Silvergate Capital Corp said on Friday it made a 'risk-based decision' to discontinue the Silvergate Exchange Network, its crypto payments network, two days after the digital asset-focused bank raised doubts about its viability.
"Effective immediately Silvergate Bank has made a risk-based decision to discontinue the Silvergate Exchange Network . All other deposit-related services remain operational," Silvergate said in a statement posted on its website.
The Silvergate Exchange Network, one of the bank's most popular offerings, enabled round-the-clock transfers between investors and crypto exchanges, unlike traditional bank wires, which can often take days to settle. Silvergate shares on Friday slumped more than 2% in after-hours trading, after closing up 0.9% at $5.77 in regular trade. The shares on Thursday had fallen to a record low, ending the day down more than 97% from their all-time high in November 2021.
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