Silvergate closes Exchange Network, releases $9.9M to BlockFi By Cointelegraph


© Reuters.

Crypto bank Silvergate announced on March 3 that it is discontinuing its digital assets’ payment network, claiming the termination is a “risk-based decision”. The move comes after the bank’s stock fell over 59% in the past five days due to fears of a potential bankruptcy.

A disclaimer on Silvergate’s website stated:

Screenshot from Silvergate’s website on March 4, 2023. Source: Silvergate
Silvergate Capital (NYSE:) Corp. Market Summary Feb. 27 – March 3, 2023. Source: Google (NASDAQ:) Finance