Crypto-friendly bank Silvergate Bank will orderly wind down operations and enter voluntary liquidation in accordance with applicable regulatory procedures, including the full repayment of all deposits.
Silvergate is also considering how best to resolve the claims and protect the remaining value of its assets, including its proprietary technology and tax assets.
Centerview Partners LLC served as financial advisor, Cravath, Swaine & Moore LLP served as legal advisor, and Strategic Risk Associates provided transition project management assistance during this process.
In addition, Silvergate Bank has decided to discontinue the Silvergate Exchange Network (SEN), while all other deposit-related services will remain operational during the company's liquidation process. (Business Wire)