Silvergate Bank Collapses

Published by
The Street

By Luc Olinga The California bank’s stock fell nearly 44% on Wall Street after it announced it was going out of business. It’s a collapse that will cost many investors dearly. Californian bank Silvergate announced its failure on Mar. 8, confirming that its bet on the cryptocurrency industry had turned into a nightmare. The company “announced its intent to wind down operations and voluntarily liquidate the bank in an orderly manner and in accordance with applicable regulatory processes,” it said in a press release on Mar. 8. It continued: “In light of recent industry and regulatory developments…

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