- Earlier, the same decision was made by Cryptocom, Coinbase and a number of other crypto companies.
- There are serious signs that the bank is on the verge of default
USDC stablecoin issuer Circle has announced that it is ending some services with crypto bank Silvergate Capital Corp.
They have become another company that distances itself from this brand. A similar decision has already been made by Cryptocom, Coinbase, Gemini and Galaxy Digital.
Recall that now there are not unfounded rumors about the bankruptcy of Silvergate. One of these days, they are due to file a 10-K annual report with the SEC, from which the financial position of the company could be assessed. But Silvergate said they were unable to meet the March 16 deadline for filing. This further fueled the fears of partners.
“A number of circumstances have occurred that will adversely affect the timing and unaudited results previously presented in the Income Statement. This includes the sale of additional investment securities beyond what was previously expected.”the statement says.
They added that the company in the report may show “less capitalization than expected.”
Following the announcement, Silvergate shares fell 57.7% on Thursday. And global crypto firms have begun to sever business ties with them.
Earlier, Michael Saylor said that Silvergate is to blame for the collapse of cryptocurrencies. This bank is suspected of shady dealings with bankrupt companies FTX and Alameda Research.