- Silvergate, a San Diego-based bank, is winding down operations following a run on deposits.
- The cryptocurrency crash has seen its biggest client, FTX, collapse.
- Silvergate was suggesting that the addressable market for deposits related to digital currencies could be $40bn.
- Its average deposits peaked at close to $15bn in early 2022.
Financial Times — World — Cryptocurrencies — Lex — Fintech — European Banks
Silvergate: crypto-friendly bank’s failure is led by customers
Silvergate, a San Diego-based bank servicing crypto start-ups, is winding down operations following a run on deposits due to the cryptocurrency crash.