Silvergate Posts $1 Billion Loss After FTX Sparked Dramatic Run

Bloomberg2023-01-17

Silvergate Capital Corp. reported a $1 billion loss and said it would offboard some non-core digital-asset customers following a quarter that saw a dramatic draw-down in deposits after the collapse of...

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boomer9595
2023-01-17
boomer9595
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Silvergate also said it will eliminate a portion of its digital-asset product portfolio and assess its pipeline of prospective digital-asset customers.“While we are taking decisive actions to navigate the current environment, our mission has not changed,” Chief Executive Officer Alan Lane said in a statement Tuesday. “We believe in the digital asset industry, and we remain focused on providing value-added services for our core institutional customers.”Total average deposits for digital-asset customers were $7.3 billion as of Dec. 31, compared to an average of $12 billion in the preceding quarter, according to the statement.The collapse of FTX sparked a crisis for Silvergate, which held deposits for FTX units and Alameda Research, the trading firm at the heart of the crypto exchange’s downfall. 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