Silvergate suspends crypto payments network; shares fall after-hours

Published by
Reuters UK

By Hannah Lang and Akriti Sharma (Reuters) – Silvergate Capital Corp said on Friday it made a “risk-based decision” to discontinue the Silvergate Exchange Network, its crypto payments network, two days after the digital asset-focused bank raised doubts about its viability. “Effective immediately Silvergate Bank has made a risk-based decision to discontinue the Silvergate Exchange Network (SEN). All other deposit-related services remain operational,” Silvergate said in a statement posted on its website. The Silvergate Exchange Network, one of the bank’s most popular offerings, enabled round-the…

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