The FTX collapse has accelerated lay-offs as the sector struggles to weather the incessant turmoil.
Crypto-focused bank – Silvergate Capital – has become the latest to slash 40% of its workforce, which is around 200 employees, according to a Wall Street Journal report on Thursday.
The news comes as the bank experienced massive customer withdrawals. In a statement, Silvergate said,
“As we enter a new year and continue to navigate the current environment, we are focusing our strategy to provide the most value-added solutions for our core digital asset customers.”
In an early release of a part of Silvergate’s fourth quarterly results, the bank said that crypto-related deposits fell by a major 68% from $11.9 billion to $3.8 billion.
By the end of 2022, $150 million of Silvergae’s deposits were held by customers who had filed for bankruptcy protection.
There was a cash crunch during this period. As a result, it resorted to liquidating the debt it was holding on its balance sheet
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