India’s 116-year-old SVC bank was compelled to issue an official clarification regarding the status of its business after confused customers mistook it for US’ recently shuttered SVB — Silicon Valley Bank. The similarity in the acronyms of their names may have led to the confusion. Putting the minds of its users at ease, the SVC … Read more
Anchorage Digital has decided to trim its staff, adding another incident to the streak of fateful events that have shaken up crypto banks in the US. Citing regulatory uncertainty, the San Francisco-based bank has laid off 20 percent of its workforce, leaving 75 employees jobless. The decision was sealed on March 14 following the dramatic … Read more
Crypto banking colossus Silvergate on Wednesday said it will shut down in the face of market turmoil and regulatory pressure. Silvergate Bank opened in 1988 and started “pursuing digital currency customers” in 2013, according to its parent company Silvergate Capital Corporation. “In light of recent industry and regulatory developments, Silvergate believes that an orderly wind … Read more
Shares of Silvergate Capital Corp slumped 29 percent in premarket trading on Thursday, after the cryptocurrency-focused lender warned it was delaying its annual report and said it was evaluating its ability to operate as a going concern. Silvergate (SI.N) reported a $1 billion (roughly Rs. 8,21,300 crore) loss for the fourth quarter as investors raced to withdraw … Read more