Crypto bank Silvergate sees its share value fall as the crypto bear market continues to plague the sector.
Silvergate Capital Corp, a crypto-focused bank, has reported a significant drop in its fourth-quarter crypto-related deposits and announced plans to cut its workforce by 40%, or approximately 200 employees. This news comes as the company’s shares have lost 88% of their value in 2022 and were down 40% in premarket trading.
According to a report by Reuters, preliminary earnings highlight that total deposits from digital asset customers declined to $3.8 billion at the end of December 2022, compared with $11.9 billion at the end of September 2022. In order to maintain liquidity, the bank sold $5.2 billion of debt securities in the fourth quarter, incurring a loss of $718 million.
The decline in the crypto sector, which saw over $1 trillion wiped out in value last year, has been attributed to rising interest rates and concerns of an economic downturn. The crash has also led to the demi
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