What is Silvergate capital?

Silvergate Capital used to be a California-based community bank that launched in the late 1990s. In 2013, it pivoted into cryptocurrencies to offer traditional financial services to crypto companies, including exchanges like FTX, which filed for bankruptcy in November 2022.

When did Silvergate IPO?

The company began providing services for cryptocurrency users in 2016, and conducted an IPO in 2019. In November 2022, concerns were raised about Silvergate's health, after a fall in cryptocurrency prices and the bankruptcy of FTX. In March 2023, the bank announced plans to wind down and liquidate.

Who owns Silvergate Bank?

Silvergate Bank was founded as a savings and loan association. In 1996, it was re-capitalized and reorganized into a bank by Dennis Frank and Derek J. Eisele, but it initially remained a three-branch community bank in the San Diego region.

Why did Silvergate capital (Si) lose 90% over the past year?

Silvergate Capital ( SI) has seen its stock price lose 90% over the past year as the fall-out from the FTX crypto exchange collapse has rocked confidence. The troubled California-based bank saw deposits from digital asset customers fall $8.1bn to $3.8bn in the two months to 31 December 2022.