Silvergate Bank

It is reported that according to the disclosure submitted to the SEC of the United States, MicroStrategy has signed a prepayment, waiver, and repayment credit and guarantee agreeme

On March 15th, it was reported that in response to rumors that the payment company Chip Cash would be considered for sale in the market, the CEO of the company, Ham Serunjogi, issued a clarification statement on its official website, stating that although the collapse of Silicon Valley Bank and Silvergate Bank caused chaos, the impact on Chip Cash was “insignificant”. Although Silicon Valley Bank is the investor of the company, they have very limited funds in their Silicon Valley bank accounts, Only about $1 million, and Chip Cash has…

It is reported that Bittrex, a cryptocurrency exchange headquartered in Seattle, announced that, in view of the recent announcement by Silvergate Bank that they would close their business, Bittrex has begun to transfer the deposits of our customers to other cooperative financial institutions. Since Bittrex has opened accounts in various financial institutions, we expect that customers’ ability to access legal funds in Bittrex accounts will not be affected. Our customers’ funds are safe and available. We would like to thank Silvergate for its partnership with Bittrex for many years, and…

According to reports, Martin Burgherr, the chief customer officer of the Swiss-based Sygnum Bank, said in an interview that after Silvergate Capital Corporation said that it would stop operations and voluntarily liquidate Silvergate Bank, the volume of customer consultation of Syngnum increased, especially from hedge funds. Now it seems necessary to diversify the banking partners according to what has happened. Interpretation of this information: In recent news, Martin Burgherr, the chief customer officer of Sygnum Bank, disclosed that the announcement of Silvergate Capital Corporation’s voluntary liquidation of Silvergate Bank caused…

It is reported that Silvergate (SI. N) rose to 30% before the session and closed down more than 42% on Thursday after announcing plans to end banking business and carry out voluntary liquidation. Interpretation of this information: Silvergate Bank was one of the relatively smaller banks globally, predominantly catering to startups and cryptocurrency firms. The bank had been known to offer innovative solutions and services to its clients in the fintech sector. However, the bank recently announced plans to end banking business and carry out voluntary liquidation, which affected its…

It is reported that JPMorgan said in a research report on Thursday that the collapse of the encryption bank Silvergate and the closure of the Silvergate Exchange Network (SEN) posed a challenge to the encryption industry. JPMorgan Chase said that in view of the current background and “after the collapse of FTX, traditional banks are generally reluctant to cooperate with cryptocurrency companies and are facing huge regulatory pressure”, it would be challenging to replace the SEN that handles dollar deposits and withdrawals between cryptocurrency market participants. Interpretation of this information:…

It is reported that Paxos, the issuer of the US dollar stable currency BUSD, released a statement on Silvergate Bank on social media, which said that Paxos had almost no contact with Silvergate Bank. Last week, we stopped SEN connection and wire transfer to the Silvergate account of Paxos, and continue to process outgoing withdrawals. As a regulated institution, Paxos has always focused on protecting customers’ funds, and the platform has built-in banking redundancy. Interpretation of this information: In a recent statement, Paxos, the issuer of the US dollar stable…

It is reported that the California State Financial Protection Agency announced today that Silvergate Bank, a state chartered bank regulated by DFPI, has voluntarily started the liquidation process. DFPI Commissioner Clothilde Hewlett said: “The Financial Protection Agency is closely monitoring the situation to promote the safe and rapid voluntary liquidation of Silvergate Bank.” “The department is assessing the compliance of Silvergate Bank with all financial laws and is closely cooperating with relevant federal counterparts.” Interpretation of this information: The announcement from the California State Financial Protection Agency has revealed that…

It is reported that market news: Silvergate is talking with officials of the Federal Deposit Insurance Corporation of the United States on the way to save the bank. Interpretation of this information: The news of Silvergate Bank seeking assistance from the Federal Deposit Insurance Corporation (FDIC) has caught many in the market by surprise. Silvergate Bank had otherwise been seen as a robust and growing bank, especially in the digital currency space, with its focus on serving the crypto industry. However, the recent turmoil in the market triggered by the…

It is reported that after the independent benchmark credit rating of Silvergate Capital and its bank subsidiary Silvergate Bank was lowered from ba3 to b2, Moody’s downgraded the bank’s rating. Silvergate Capital’s long-term issuer rating was downgraded from B1 to B3, and the outlook remained negative. Moody’s said in a report that although the company has laid off about 40% of its staff, we expect that the profitability will be seriously challenged in the next few quarters in view of the sharp decline in the deposits of companies centered on…

It is reported that Soros Fund Management, a fund owned by billionaire George Soros, increased its exposure to some encryption companies at the end of last year. According to the 13F document submitted to the United States Securities and Exchange Commission (SEC) on December 31, the fund purchased the convertible bonds of the encryption miner Marathon Digital Holdings with a value of 39.6 million dollars. At the same time, the fund also holds call options and put options for 50000 shares of MicroStrategy and nearly $200 million of MicroStrategy preferred…

On February 15, the encryption bank Silvergate Bank and its chief executive Alan Lane were charged with “aiding and abetting” in a new class action lawsuit “the multi-billion dollar fraud plan planned by Sam Bankman-Fried (SBF) and its two entities FTX and Alameda Research”. Interpretation of this information: On February 15th, a new class action lawsuit was filed against Silvergate Bank and its CEO Alan Lane, alleging that they were involved in an elaborate fraud plan orchestrated by Sam Bankman-Fried and his companies, FTX and Alameda Research. The lawsuit claims…