US federal officials have been discussing with Silvergate Capital Corp’s management to avoid a shutdown, Bloomberg News reported, citing people familiar with the matter.
US federal officials have been discussing with Silvergate Capital Corp’s management to avoid a shutdown, Bloomberg News reported, citing people familiar with the matter. Shares of the cryptocurrency-focused bank rose about 5% in after-market trading. Last week, the bank warned it was delaying its annual report and said it was evaluating its ability to operate as a going concern. The company late said that effective immediately it made a “risk-based decision” to discontinue the Silvergate Exchange Network, which enabled round-the-clock transfers between investors and crypto exchanges, unlike traditional bank wires, which can often take days to settle. US regulators have been sent to the headquarters of Silvergate as the company looks for a way to stay in business, the report said.
