Crypto-focused bank Silvergate shutting down operations and liquidating bank

• Silvergate Capital announced on Wednesday that it will wind down operations and liquidate its bank.
• The firm has served as one of two main banks for the crypto industry, along with Signature Bank.
• All deposits will be fully repaid, according to a liquidation plan shared on Wednesday.

Silvergate Capital
, a central lender to the crypto industry, said on Wednesday that it’s winding down operations and liquidating its bank. The stock plunged more than 36% in after-hours trading.

Silvergate has served as one of the two main banks for crypto companies, along with New York-based Signature Bank
. Silvergate has just over $11 billion in assets, compared with over $114 billion at Signature. Bankrupt crypto exchange FTX was a major Silvergate customer.

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