Things are looking grim for the U.S.-based, crypto-friendly banks.
The bank said it plans on repaying bank deposits to customers in full. The announcement came after Silvergate said it would shut down its Silvergate Exchange Network (SEN), a round-the-clock settlement service used by its clients.
We have a loan from Silvergate not due until Q1 ‘25. There are mkt concerns re SI’s fin. condition. For anyone wondering, the loan wouldn’t accelerate b/c of SI insolvency or bankruptcy. Our BTC collateral isn’t custodied w/ SI & we have no other financial relationship w/ SI.
— MicroStrategy (@MicroStrategy) March 2, 2023