Y Combinator’s Garry Tan Goes to the MatRead more

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crypto

Crypto-Friendly Bank Silvergate Dumps Assets, Lays Off 40% of Staff

By
Aidan Ryan
· · Source: The Information

Customers of crypto-focused bank Silvergate Capital withdrew $8.1 billion in the fourth quarter of 2022, forcing the bank to sell debt securities at a deep loss in order to meet the surge in withdrawals, the bank announced Thursday. The sales of debt securities totaled $5.2 billion and resulted in a loss on the sales of $718 million for the fourth quarter. Additionally, the bank wrote down the...

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