Silvergate Capital Corporation, the parent firm of the crypto-focused bank Silvergate Bank, has attributed the $1 billion loss it incurred in the fourth quarter of 2022 to the confidence crisis that permeates the entire crypto ecosystem. While Silvergate has taken steps to help it navigate the current environment, according to the CEO Alan Lane, the firm remains “focused on providing value-added services for [its] core institutional customers.
As a consequence of this changed environment, Silvergate said the group incurred a Q4 net loss of $1.0 billion or a $33.16 loss per common share. The Q4 performance is in contrast to the net income of $40.6 million, or $1.28 per diluted share realized in Q3 of 2022. Due to the massive losses incurred in Q4, Silvergate Capital’s latest financial results show that in the whole of 2022, the group incurred an overall loss of $948.7 million or $30.07 loss per common share.by Bitcoin.com News in early January, Silvergate Bank’s stock took a heavy knock after it was revealed that customers at the crypto-focused bank had withdrawn more than $8 billion in deposits in Q4 alone.
Giddy up!
Agreed! It's great to see big players in the space, like Silvergate, embracing the power of crypto and enabling institutions to access its potential. 🤝
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That's awesome! Kudos to Silvergate for embracing innovation and providing institutional customers with innovative cryptoservices! HODL
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Downfall of the economy continues, hope it will be over soon
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