Silvergate, the crypto-friendly bank – While theencryption winter It falls on the big names in the ecosystem, but also in traditional finance, silver gate He tries to keep his head above the water. In fact, though, more Billion dollar loss The bank announced the end of 2022, and confirmed the soundness of its cash position. Still the same as when announced, this weekend, Earnings suspension Shareholders in his company in order to preserve his financial position.
Silvergate and Cryptocurrency: Post-Bull Euphoria
Let’s set the scene. While that Bitcoin and cryptocurrency track was gaining altitude, silver gate It also floats on a small cloud. Having become one of the main banks for cryptocurrency companies as well as some exchanges in the US, Silvergate is a major player in the ecosystem.
Then came an explosion FTX encryption platform, the culmination of a year 2022 tormented by a series of disasters and causing a real crisis of confidence. The crypto winter hits a banking giant that has, for example, held $20 million in BlockFi. Touched, but not soaked, Silvergate confirms that he’s in good health, and not without making some preventive decisions.
>> Prefer to keep your cryptocurrency safeBHe laughed? Choose Ledger Wallet (Trade Link) <
When it’s time for a bear market
Thus, according to communication release silver gate Published last week, these various hardships force the company to protect itself and above all to preserve its funds. So I decided Dividend suspension Series A Preferred Stock:
” The move reflects the company’s focus on maintaining a highly liquid balance sheet with a strong capital position as it deals with the recent volatility in the digital asset industry. The Company continues to maintain a cash position in excess of its deposits related to its clients’ digital assets. ยป
The purpose of this decision? Conserve cash so you can continue to weather the crypto winter without too much trouble. This reminds us of select other companies like Digital currency groupfrom him It has suspended payment of its dividend to its shareholders Also this month, in order to protect themselves from market conditions.
In cryptography, don’t skimp on caution! Therefore, to keep your crypto assets safe, the best solution remains a personal hardware wallet. in LedgerThere is something for all profiles and all cryptocurrencies. Don’t wait to put your capital in safe (trade link)!