Silvergate Cuts 40% Jobs, Writes Off Diem Asset Acquisition

Crypto-focussed bank Silvergate has laid off 40% of its staff or around 200 employees as it also shelves plans of launching its own digital currency. By parikshitm899

The bank has also halted its plans to launch a digital currency and has written off the $196 million it spent to buy the technology and assets of Diem Association from Meta .Shares of Silvergate were down 23% at $16.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

CoinDesk /  🏆 291. in US

Malaysia Latest News, Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

U.S. Moves to Seize Robinhood Shares, Silvergate Accounts Tied to FTXThe U.S. is seizing assets tied to FTX valued at hundreds of millions of dollars, including Robinhood shares and money in Silvergate accounts
Read more »

Feds move to seize Robinhood shares, Silvergate accounts tied to FTXFederal authorities are moving to seize hundreds of millions of dollars in assets in the U.S. tied to the bankrupt cryptocurrency exchange FTX, a sign that...
Read more »

WSJ News Exclusive | Silvergate Raced to Cover $8.1 Billion in Withdrawals During Crypto MeltdownSilvergate is paring back its businesses after taking a $718 million loss in the fourth quarter selling debt securities to raise cash
Read more »

Ukraine liberates 40% of territory occupied by Russia since Feb 2022: officialUkrainian forces have liberated roughly 40% of the territory Russia occupied following its invasion, including 28% of the regions Moscow still occupies.
Read more »

Tesla sales top 1.3 million in 2022 – up 40%Sales of Tesla EVs leaped by 40% last year, the company has revealed. It delivered 1.3 million cars in 2022 – yet its share price suffered a rollercoaster year, losing 65% of its value ⚖️
Read more »