The holding company for the California-based Silvergate Bank announced on Wednesday that it would begin the process of ending its operations and voluntarily liquidating the bank, ending a long descent for the crypto-focused firm and weeks of speculation about its viability.
With crypto's rise and traditional banks' hesitance to work with the volatile sector, Silvergate had established itself as one of the most important partners for the nascent industry, offering key financial services in exchange for soaring profits. By working with crypto's top companies, from Coinbase to FTX, Silvergate's share price rose more than 1,500% between November 2019 and November 2021.
