Why crypto's go-to bank collapsed
CNN
Yesterday, the financial world witnessed a classic run on the bank when Silvergate Capital, the go-to US lender for crypto companies, said it would wind down its operations and voluntarily liquidate.
ICYMI: Silvergate was, for most of its existence, a traditional Southern California regional bank. But by 2018, it had pivoted to crypto, recognizing that young digital asset firms were struggling to establish relationships with larger mainstream banks. Silvergate positioned itself as a conduit for these new companies that other institutions viewed with a mix of skepticism and disdain. It was a pretty shrewd business move at the time. But Silvergate went all in on crypto, and left itself overexposed in the crash that began last year.
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