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{"id":25667,"date":"2023-03-09T21:45:41","date_gmt":"2023-03-09T21:45:41","guid":{"rendered":"https:\/\/scienceandnerds.com\/2023\/03\/09\/crypto-bank-silvergates-collywobbles-could-add-to-industrys-woes\/"},"modified":"2023-03-09T21:45:42","modified_gmt":"2023-03-09T21:45:42","slug":"crypto-bank-silvergates-collywobbles-could-add-to-industrys-woes","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2023\/03\/09\/crypto-bank-silvergates-collywobbles-could-add-to-industrys-woes\/","title":{"rendered":"Crypto bank Silvergate\u2019s \u2018collywobbles\u2019 could add to industry\u2019s woes"},"content":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/03\/09\/silvergate-crypto-bank-problems\/<\/a><\/br>
\nCrypto bank Silvergate\u2019s \u2018collywobbles\u2019 could add to industry\u2019s woes<\/br>
\n2023-03-09 21:45:41<\/br><\/p>\n

\n

Another massive crypto-centric<\/span> firm bit the dust this week, leading some analysts to forecast bigger problems for the overall ecosystem.<\/p>\n

Silvergate Capital, a publicly traded crypto bank, announced<\/a> Wednesday that it would \u201cwind down operations and voluntarily liquidate\u201d its bank division.<\/p>\n

The news from the California-based firm followed a run that resulted in it selling off assets at a huge loss to cover over $8 billion<\/a> in withdrawals amid the broader crypto ecosystem meltdown.<\/p>\n

\u201cIt is not the first bank to get the collywobbles,\u201d Katharine Wooller, business unit director at Coincover, said to TechCrunch. \u201cUltimately the risk\/reward ratio, in the face of increasing scrutiny, was not viable, as the ongoing crypto winter, worsened by the FTX scandal, shows no sign of thaw.\u201d<\/p>\n

As the company waves goodbye to its almost 10-year crypto experiment, it points to a bigger issue for the ecosystem. The institution, which was one of the few banks that acted as an intermediary in the space of institutional crypto, is yet another victim of the \u201ccrypto winter\u201d following the implosion of FTX, which used the bank to transfer customer funds.<\/p>\n

Although the news feels big, \u201cmarket participants seem to be shrugging this off,\u201d according to Julius de Kempenaer, senior technical analyst at StockCharts.com. The number of providers for the crypto ecosystem is shrinking, which could become a bigger problem if this trend continues, he added.<\/p>\n<\/p><\/div>\n

<\/br><\/br><\/br><\/p>\n

Science, Tech, Technology<\/br>
\n<\/br>
\nSource:https:\/\/techcrunch.com\/2023\/03\/09\/silvergate-crypto-bank-problems\/<\/a><\/br><\/br><\/p>\n","protected":false},"excerpt":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/03\/09\/silvergate-crypto-bank-problems\/ Crypto bank Silvergate\u2019s \u2018collywobbles\u2019 could add to industry\u2019s woes 2023-03-09 21:45:41 Another massive crypto-centric firm bit the dust this week, leading some analysts to forecast bigger problems for the overall ecosystem. Silvergate Capital, a publicly traded crypto bank, announced Wednesday that it would \u201cwind down operations and voluntarily liquidate\u201d its bank division. The news […]<\/p>\n","protected":false},"author":1,"featured_media":25668,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"pagelayer_contact_templates":[],"_pagelayer_content":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26,17,8],"tags":[],"class_list":["post-25667","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-science","category-tech","category-technology"],"yoast_head":"\nCrypto bank Silvergate\u2019s \u2018collywobbles\u2019 could add to industry\u2019s woes - Science and Nerds<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/scienceandnerds.com\/2023\/03\/09\/crypto-bank-silvergates-collywobbles-could-add-to-industrys-woes\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crypto bank Silvergate\u2019s \u2018collywobbles\u2019 could add to industry\u2019s woes - Science and Nerds\" \/>\n<meta property=\"og:description\" content=\"Source:https:\/\/techcrunch.com\/2023\/03\/09\/silvergate-crypto-bank-problems\/ Crypto bank Silvergate\u2019s \u2018collywobbles\u2019 could add to industry\u2019s woes 2023-03-09 21:45:41 Another massive crypto-centric firm bit the dust this week, leading some analysts to forecast bigger problems for the overall ecosystem. Silvergate Capital, a publicly traded crypto bank, announced Wednesday that it would \u201cwind down operations and voluntarily liquidate\u201d its bank division. 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