(Reuters) – Crypto-focused bank Silvergate Capital said on Wednesday it had fully repaid all remaining deposit liabilities, following the bank’s decision earlier this year to wind down operations.
Silvergate, which now holds less than $10,000 according to the statement, said in March it intended to voluntarily liquidate after being hit with losses following the dramatic collapse of crypto exchange FTX.
“Silvergate continues to focus on implementing the Bank Liquidation,” it said in a statement on Wednesday.
California-based Silvergate, once among the crypto industry’s favored banks, had reported a $1 billion quarterly loss before the winding down decision, as investors spooked by the FTX debacle pulled out more than $8 billion in deposits.
The cryptocurrency market lost more than a trillion dollars in value in 2022 as concerns about an impending economic collapse were heightened by increasing interest rates.
(Reporting by Pritam Biswas in Bengaluru; Editing by Devika Syamnath)
