Crypto industry braces for impact with Silvergate exit
Cointelegraph
Published Mar 09, 2023 04:30PM ET
Updated Mar 09, 2023 06:00PM ET
The closure of Silvergate Bank is not a systematic risk for the United States banking system but could have a significant impact on the crypto markets, multiple sources told Cointelegraph. The consequences may include increasing banking concentration among a few partners and presenting challenges for venture capital firms seeking to establish banking relationships in the country.
Silvergate had been a crypto-fiat gateway network for financial institutions and a significant on-ramp for cryptocurrencies in the United States, but on March 8, its parent company, Silvergate Capital (NYSE:SI) Corporation, disclosed its plans to “voluntarily liquidate” assets and shut down operations.
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Written By: Cointelegraph
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