Silvergate Capital Corp announced on 3 March that it has made a risk-based decision to discontinue its crypto payments network, the Silvergate Exchange Network (SEN), which provides round-the-clock transfers between investors and crypto exchanges. While other deposit-related services continue to operate, the announcement has caused a further decline in its share price, which had already hit a record low on 2 March. Notably, many cryptocurrency companies, including Coinbase Global and Galaxy Digital, have severed their partnerships with Silvergate following the bank’s warning of its ability to operate as a going concern.
Source: https://www.reuters.com
