Crypto bank Silvergate posts $1bn loss
finextra.comSilvergate was forced to sell $5.2 billion in assets at a loss to cover the cost and remain liquid - leading to the fourth quarter loss.The bank says that to prepare for a "sustained period of transformation" it will offboard some non-core customers and ditch some of its product portfolio.It has also confirmed that 40% of its workforce - 200 people - have been laid off and that it has written off the $196 million price its paid for the assets of Facebook's digital currency, Diem.Alan Lane, CEO, Silvergate, says: “While we are taking decisive actions to navigate the current environment, our mission has not changed. We believe in the digital asset industry, and we remain focused on providing value-added services for our core institutional customers.
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