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Breaking News: Will Trump Pardon Sam Bankman-Fried? Polymarket Odds Surge as Traders React to CZ’s Release
Silvergate

Silvergate Halts Crypto Payments After Suffering $1 Billion Loss

Christian Encila
by Christian Encila
2 years ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Silvergate Capital has pulled the plug on its Silvergate Exchange Network (SEN) after the bank specializing in digital assets voiced questions about its viability.

SEN, the bank’s platform for crypto payments, is one of its most popular services. Unlike regular bank wires, which might take days to clear, the service enabled investors and crypto exchanges to make transfers at any time.

Related Reading: HSBC And Nationwide Banks Set Ban On Crypto Purchases In The UK

Viability Doubts Impact Silvergate Exchange Network

In the face of mounting uncertainty, Silvergate clients have distanced themselves from the bank, encouraging customers to direct assets elsewhere while assuring them that their funds are secure.

With a $1 billion loss at the end of the fourth quarter and more losses in January and February, the crypto bank disclosed in a filing on Wednesday that it may need to evaluate its viability.

Image: Yahoo News

In the same announcement, the bank acknowledged that it was the subject of investigations by bank authorities and the U.S. Department of Justice, and stated that its ability to continue as a “going concern” over the next year was uncertain.

The next day, a number of notable crypto clients left the bank, including industry leaders Galaxy Digital and Coinbase, and its stock price dropped by over 60% before stabilizing on Friday.

The Red Flags

The SEN suspension came after banking authorities provided several warnings to the financial institutions they monitor regarding the risks associated with crypto exposure, including volatility.

Crypto exposure carries inherent risks, according to experts. Unlike traditional investments, cryptocurrencies are decentralized and largely unregulated, leaving investors vulnerable to market volatility and fraud.

Cryptocurrencies also lack the stability of established financial systems, making them susceptible to sudden and extreme price swings. Additionally, the security of cryptocurrency exchanges and digital wallets can be compromised, leading to the loss of assets.

Investors are advised to consider their risk tolerance and thoroughly research any cryptocurrency investments before committing funds. It is important to understand the potential risks and rewards of investing in this rapidly evolving market.

Bitcoin (BTC) total market cap at $431 billion on the weekend chart | Chart: TradingView.com
Related Reading: Crypto Miners To Report Emissions Once Bill Pushed Back By US Lawmakers Gets Approved

Silvergate launched the SEN in 2017 to serve the growing demand for digital currency payment solutions. The network has gained popularity among institutional investors due to its ability to provide secure, reliable, and efficient payment infrastructure for digital currency transactions.

The bank has positioned itself as a leader in the digital currency space, offering a range of services to support digital currency trading and investment, including custody, lending, and foreign exchange services.

Before its suspension, the SEN has been recognized as an important development in the digital currency industry, providing a trusted and secure platform for institutional investors and businesses to transact in digital currencies.

-Featured image from Sites at Lafayette

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Christian Encila

Christian Encila

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Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

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