- Agency inspectors have been present at the headquarters of the organization since last week
- One of the proposed options is to attract investments from cryptocurrency “players”
- So far, the bank has not decided which way to move
Last week, several FDIC (Federal Deposit Insurance Corporation) officials arrived at the headquarters of Silvergate Capital in California. Apparently, the bank’s management is consulting with the department on how to avoid bankruptcy.
About it informs Bloomberg portal citing its source. And, apparently, the fate of the troubled bank has not yet been decided.
What’s going on with Silvergate?
We analyzed in detail the causes of the current crisis around the company in a separate article. Note that the situation is difficult, the bank was forced to suspend the operation of the crypto payment network.
Virtually all major CEXs have effectively abandoned the organization. The situation was worsened by the fact that the company’s management is seriously considering the possibility of bankruptcy, in connection with which the publication of financial statements was postponed.
FDIC position and solutions to the problem
One of the scenarios proposed by the commissioners is to attract investors from the cryptocurrency industry. But so far, all preparations for this are only “on paper”.
The source of the publication noted that the bank has not yet decided which course to follow. However, the very fact of the participation of FDIC inspectors speaks of the seriousness of the situation.
As of December 31, 2022, Silvergate has deposits of $6.3 billion, just under half of the more than $13 billion placed with the bank just a few months earlier.
Clearly the clients are running from Silvergate. Of course, there is a small chance that the company will cope with the problems without a regulator, but it is dwindling with every dollar cashed out.
