Silvergate Bank
Silvergate Bank was a California bank founded in 1988 that later focused on services for cryptocurrency companies. It began offering crypto-related services in 2016 and went public in 2019. The bank ran the Silvergate Exchange Network (SEN), a real-time payments system that let crypto firms move dollars quickly.
In 2022, the bank bought Meta’s Diem technology to help it launch a U.S. dollar–backed stablecoin, but the stablecoin never launched. Led by CEO Alan Lane and President Ben Reynolds, Silvergate grew to serve many crypto exchanges and institutional investors.
However, in late 2022, as crypto prices fell and FTX collapsed, concerns about deposits and exposure to the crypto market grew. The bank said it had enough liquidity, but in March 2023 it announced plans to wind down and liquidate. In September 2024, Silvergate Capital filed for Chapter 11 bankruptcy protection, listing modest assets and liabilities.
This page was last edited on 3 February 2026, at 05:34 (CET).