Silvergate's deepening crisis jolts crypto stocks

Silvergate
# 06 March 2023 19:18 (UTC +04:00)

Shares of Silvergate Capital Corp (SI.N) fell 10% in early trading on Monday after the bank suspended its crypto payments network and expressed doubts over the viability of its business, APA reports citing Reuters.

The crypto-focused bank said late on Friday that it had made a "risk-based decision" to discontinue the Silvergate Exchange Network (SEN) effective immediately.

"The SEN is Silvergate's main flagship product that previously was the key attraction for depositors to bring funds to the bank," said analysts at Wedbush.

The discontinuation could signal that Silvergate may consider winding down its operations, they added.

Shares of crypto lending peer Signature Bank (SBNY.O) also fell roughly 2.5% in morning trade, while crypto exchange Coinbase Global (COIN.O) was down nearly 1%. Crypto firm Riot Platforms Inc (RIOT.O), and BTC mining machine makers Ebang International and Canaan Inc (CAN.O) drop between 1% and 2%.

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