California-based Silvergate Bank is finally going to be liquidated; it is not available to be sold.
Founded in 1988, Silvergate was a small financial company, but in 2013, its new CEO, Alan Lane, started investing in Bitcoin and launched a cryptocurrency service, which increased Silvergate's clientele and helped the bank become a billion-dollar company.
Growth with entry into crypto
Silvergate was the first-ever regulated bank to start operations related to crypto, such as the Silvergate Exchange Network (SEN) for cryptocurrency exchange, including crypto and fiat exchange. The company even tried to launch its own cryptocurrency in the form of stablecoin, for which Silvergate acquired Diem technology from Meta.
The Scam BankConman-Fraud
Silvergate's partnership with SBF was the worst. The crypto market was already in bears, and SBF was running scams. So, when CZ of BINANCE liquidated its share of FTT, the fraud of SBF was exposed, and that only fuelled the bears, resulting in a crypto bloodbath.
The collapse of Silvergate.
Destruction of the SBF Empire, The destruction of the SBF empire affected the companies associated with it., they started closing one by one, requesting bankruptcy help, and setting themselves for sale, but Silvergate In March 2023, Silvergate was bankrupt, although it tried to get help from authorities to avoid winding up, all in vain. On March 8, 2023, Silvergate Bank announced liquidation.
