Silvergate Capital to Cut 40% of Its Workforce. Is This the End for the Crypto Bank?
Crypto bank Silvergate Capital (NYSE: SI) followed up a recent short squeeze with a preliminary update on its fourth-quarter earnings results that sent the stock in the exact opposite direction, plunging to near all-time lows.
Silvergate announced significant deposit outflows in the quarter, big charges from selling bonds, and that it plans to lay off 40% of its workforce. With the crypto market currently experiencing an intense crypto winter and the bank's outlook bleak, is this the end for Silvergate?
Silvergate Capital is a bank regulated by the Federal Deposit Insurance Corporation (FDIC) but it's quite different from your traditional lender.
Source Fool.com
