Crypto-centric Silvergate Bank has reportedly started the voluntary process of liquidation, as confirmed by a statement from the California Department of Financial Protection and Innovation. This announcement comes after the bank’s cryptocurrency clients withdrew their support, causing the bank to delay filing its annual report. Silvergate Bank also recently stopped its Silvergate Exchange Network (SEN) service, which allowed continuous transfers between investors and virtual currency exchanges. The bank’s closing could be considered a setback for the integration of cryptocurrency and traditional financial services, meaning that new ventures may take over the legacy of the defunct bank.
