Yesterday, the financial world witnessed a classic run on the bank when Silvergate Capital, the go-to US lender for crypto companies, said it would wind down its operations and voluntarily liquidate.
ICYMI: Silvergate was, for most of its existence, a traditional Southern California regional bank. But by 2018, it had pivoted to crypto, recognizing that young digital asset firms were struggling to establish relationships with larger mainstream banks.
Source: Exploring the reasons behind the collapse of the go-to bank for crypto