The bank this evening published a notice at the top of its website indicating that it has shut-down its Silvergate Exchange Network, although it currently states that other deposit-related services remain operational. “Effective immediately Silvergate Bank has made a risk-based decision to discontinue the Silvergate Exchange Network (SEN). The Silvergate Exchange Network billed itself as a 24/7 banking service, which enabled digital currency and institutional clients to send US dollars at any time of day, 365 days a year. Funds could be sent via the service to other Silvergate accounts, and the accounts of other Silvergate clients. Following that announcement, it has seen a mass exodus of major clients as those clients look for stable banking partners.

Source: ABC News March 04, 2023 07:12 UTC