Silvergate Bank was able to weather the storm brought on by the bankruptcy of FTX.
The Bank has agreed to submit a self-liquidation plan with authorities within 10 days.
Silvergate Bank, renowned for its crypto-friendly attitude, has agreed to submit a self-liquidation plan with California banking authorities within 10 days, marking a major breakthrough for the cryptocurrency sector.
In light of the Federal Reserve Board’s consent decree against Silvergate Capital Corporation and Silvergate Bank, released on March 8, 2023. The bank has decided to voluntarily liquidate its assets. Although a deadline extension is possible. Silvergate Bank’s self-liquidation plan still has to be approved by the California Department of Financial Protection and Innovation.
Many Deficiencies During Assesment
This means the bank must carefully manage its cash reserves. And any other resources at its disposal in order to reimburse depositors in full. The bank had previously said that it would be closing
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