Silvergate is the second-largest bank in the US that deals with cryptocurrency companies, ranking only after Signature. It acts as a crucial link between the crypto world and traditional fiat currencies.
Recently, Silvergate has decided that the best course of action, given the regulatory changes in the industry, is to gradually wind down its operations and voluntarily liquidate. The closure plan guarantees full repayment of all deposits.
In early March, Silvergate had already announced that it would discontinue the Silvergate Exchange Network (SEN).
Several crypto exchanges have already confirmed that they have not been affected by their association with Silvergate and that their clients' funds are safe.
