TechFlow reports that crypto-friendly bank Silvergate Bank will orderly wind down its operations and voluntarily liquidate in accordance with applicable regulatory procedures, including full repayment of all deposits. Silvergate is also evaluating how best to address claims and preserve the remaining value of its assets, including proprietary technology and tax assets.
In this process, Centerview Partners LLC is serving as financial advisor, Cravath, Swaine & Moore LLP as legal counsel, and Strategic Risk Associates providing transition project management support.
Additionally, Silvergate Bank has decided to cease operations of the Silvergate Exchange Network (SEN), while all other deposit-related services will remain operational during the liquidation process.Original link
