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The collapse of Silvergate, a crypto-friendly bank, will likely significantly impact the crypto ecosystem and its ties with the U.S. banking sector.
Earlier this week, the parent company of Silvergate Bank announced plans to wind down operations and liquidate the bank. The announcement came after the crypto-friendly bank suffered $1 billion worth of losses in the last quarter of 2022 as a consequence of the collapse of crypto exchange FTX, one of Silvergate’s leading clients.
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