Silvergate Bank agrees to the Federal Reserve's order and will submit a self-liquidation plan within 10 days

ChainCatcher news, the crypto-friendly bank Silvergate Bank has agreed to the Federal Reserve's order and will submit a self-liquidation plan to California financial regulators within 10 days.

ChainCatcher previously reported that in March, Silvergate Bank stated it would orderly wind down operations and voluntarily liquidate in accordance with applicable regulatory procedures, including fully repaying all deposits, and is also considering how best to address claims and protect the remaining value of its assets, including its proprietary technology and tax assets. Additionally, Silvergate Bank has decided to cease the Silvergate Exchange Network (SEN). (source link)