Post FTX Collapse Crypto Friendly Bank Loses Hard Coupled With The Bearish Market
Slivergate which recently embraced cryptocurrency was said to have been affected badly with the continuous withdrawals due to the collapse of FTX, the bank has ties with the crypto exchange FTX and serval other exchanges. The crypto friendly bank has serve as a platform that links traders to crypto exchanges and is serving crypto firms in handling their virtual assets.
Since the collapse the bank has witnessed withdrawals of eight billion dollars, and it has intend scrapped its intentions of creating a digital asset. The bearish market in turn hasn’t been that friendly has it has reduced it's work force to at by 40%, this is really a harsh environment for a bank which has practically sold off it’s traditional banking system to embrace crypto. This hasn’t really change their narrative about crypto has they are still optimistic about the digital asset.
“While Silvergate is taking decisive action to navigate the current environment, its mission has not changed. Silvergate believes in the digital asset industry.”
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