Crypto markets fall as Coinbase and Galaxy Digital turn their backs on Silvergate

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City AM

By Darren Parkin Cryptocurrency markets took a sudden dip overnight as it was revealed industry leviathans Coinbase and Galaxy Digital had ditched Silvergate Capital as their banking partner over concerns about its future. Eyebrows were raised at the lender’s most recent filings which appeared to question its ability to remain a viable business. The collapse of Sam Bankman-Fried’s FTX exchange triggered concern among Silvergate’s investors – a ripple effect now showing up in the deterioration of the California-based lender’s capital position. Silvergate shares halved in value overnight as boss…

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