Why Silvergate Capital Stock Rebounded 2% Today

Shares of crypto bank Silvergate Capital (NYSE: SI) were up 2% as of 3:35 p.m. ET today. Facebook, which has rebranded itself as Meta Systems (NASDAQ: FB), confirmed it has exited its Diem cryptocurrency project. The assets were acquired by Silvergate, which under previous terms, would have been handling the issuance of the stablecoin for the Diem project.  

Image source: Getty Images.

Diem has run into multiple roadblocks from financial regulators around the globe since it was announced in 2019. After numerous partners left the project, it was rebranded as Diem (from the previous name, Libra) back in 2020.  

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Source Fool.com