Silvergate Capital Corporation, the parent company of Silvergate Bank, has declared its intention to close down operations and initiate the liquidation of the bank.
The plan provides for a full refund of deposits, with Centerview Partners LLC acting as financial advisor and Cravath, Swaine & Moore LLP providing legal support. Strategic Risk Associates will manage the process.
Silvergate has also noted that, although the SEN payment network was terminated on March 3, other deposit-related services remain available during the shutdown.
US Senators Elizabeth Warren and Sherrod Brown have commented on the closure, with Warren expressing concern over the risks associated with cryptocurrencies.
