The decision comes a day after Silvergate said it had sold additional debt securities to repay debts this year and that further losses could mean the bank is ‘less than well capitalized’
Shares of Silvergate extended their losses after the announcement from Coinbase. They were last down more than 45 per cent at $7.40 in premarket trading.The exchange also said it had minimal exposure to Silvergate.
The decision comes a day after Silvergate delayed its annual report and said it had sold additional debt securities to repay debts this year and that further losses could mean the bank is “less than well capitalized.” It was also evaluating the impact of these events on “its ability to continue as a going concern,” it said.
La Jolla, California-based Silvergate reported a $1-billion loss for the fourth quarter as investors raced to withdraw deposits in the wake of crypto exchange FTX’s bankruptcy.Your Globe
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Coinbase cuts ties with Silvergate as bank delays annual report filingCoinbase, a leading U.S.-based crypto exchange, announced it would drop its alliance with Silvergate, a crypto-focused bank. This makes matters worse for the bank, which saw its value plunge in after-hours trading yesterday. The bank announced that it would be delaying its annual report filing in its SEC report yesterday. In a Twitter thread, Coinbase […]
Read more »
Coinbase launches Cryptoy435, a pro-crypto advocacy initiativeCoinbase launches Crypto435, a grassroots campaign to connect and educate crypto advocates on how they can help the industry have a greater voice in government.
Read more »
SEC probes Robinhood's crypto desk for evidence of comingled fundsRobinhood has revealed that it received an investigative subpoena from the SEC in December regarding its cryptocurrency listings and custody services.
Read more »
Visa and Mastercard pause new crypto partnerships amid regulatory uncertaintyVisa and Mastercard announced that they have put a halt to forming new crypto-related partnerships due to industry struggles and regulatory uncertainty.
Read more »
Billiard Crypto launches new GameFi project on Binance Smart Chain – Canadian InvestorBilliard Crypto launches new GameFi project on Binance Smart Chain CanadiansInvest
Read more »
Emerging markets are driving crypto adoption thanks to stablecoins and the ability to earn - Wei ZhouEmerging markets are driving crypto adoption thanks to stablecoins and the ability to earn - Wei Zhou crypto blockchain bitcoin
Read more »