The bank is shutting down its crypto payments network amid liquidity issues and fears of impending bankruptcy.
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.“Effective immediately Silvergate Bank has made a risk-based decision to discontinue the Silvergate Exchange Network . All other deposit-related services remain operational.
A second decision on the same day from United States Judge Michael B. Kaplan said Silvergate had to return $9,850,000 deposited by BlockFi. As per documents , the court ordered the bank to immediately release the funds following an agreement between the two companies in November 2022.BlockFi is one of the crypto firms
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