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<ul class="news-points">
 <li>Crypto bank Silvergate said it has fully repaid all its deposit liabilities.&nbsp;</li>
 <li>The development is a follow-through on its plans to liquidate its business.&nbsp;</li>
 <li>The bank lost over $1 billion after investors pulled out $8 billion following the FTX collapse.</li>
</ul>
Silvergate Capital, a cryptocurrency-focused bank, announced on Wednesday it had fully reimbursed all remaining deposit liabilities, Reuters <a href="https://www.reuters.com/business/finance/silvergate-capital-fully-repays-deposit-liabilities-2023-11-22" target="_blank" rel="noopener noreferrer nofollow">reported</a>. The recent move follows the bank’s decision to cease operations earlier this year.
According to the report, Silvergate announced in March that it intended to voluntarily liquidate after suffering losses as a result of the sudden collapse of crypto exchange FTX. Presently, the bank possesses less than $10,000 in holdings.&nbsp;
In a statement, the company reiterated its commitment to the planned liquidation. “Silvergate continues to focus on implementing the Bank Liquidation,” it said.&nbsp;
The bank, once an industry favorite, was badly hit by the FTX collapse that worsened already bearish conditions in the crypto market last year. As noted in the report, investors scared off by the FTX catastrophe withdrew more than $8 billion in deposits from Silvergate. As a result,…
The post <a href="https://coinedition.com/crypto-bank-silvergate-repays-deposits-as-part-of-liquidation-plans/" rel="noopener noreferrer nofollow">Crypto Bank Silvergate Repays Deposits as Part of Liquidation Plans</a> appeared first on <a href="https://coinedition.com" rel="noopener noreferrer nofollow">Coin Edition</a>.

Crypto Bank Silvergate Repays Deposits as Part of Liquidation Plans

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