LA JOLLA, Calif.–(BUSINESS WIRE)–Silvergate Capital Corporation (the “Company” or “Silvergate”) (NYSE: SI), the leading provider of innovative financial infrastructure solutions to the digital asset industry, today announced a business update, citing that its deposit relationship with BlockFi Inc. (“BlockFi”) is limited to less than $20 million of its total deposits from all digital asset customers as of November 28, 2022.
BlockFi is not a custodian for Silvergate’s bitcoin-collateralized SEN Leverage loans, which to date have continued to perform as expected with zero losses and no forced liquidations. Silvergate has no investments in BlockFi.
Silvergate maintains a first priority lien and security interest in a cash collateral account, which contains $10 million for the benefit of Silvergate to support ACH services provided to BlockFi.
“As the digital asset industry continues to transform, I want to reiterate that Silvergate’s platform was purpose-built to manage stress and volatility,” said Alan Lane, Chief Executive Officer of Silvergate. “The SEN continues to operate as designed, and our support teams are available 24 hours a day, 7 days a week to help our customers during this period of adversity.”
Recently, Silvergate has been the subject of false and misleading statements. For factual and accurate information, Silvergate directs persons to its recent press releases, which are available on the Company’s website at https://ir.silvergate.com in the Investor Relations section and Silvergate’s most recent Quarterly Report on Form 10-Q and other filings with the Securities and Exchange Commission.
Iwwer Silvergate
Silvergate Capital Corporation (NYSE: SI) ass de féierende Fournisseur vun innovative Finanzinfrastrukturlösungen a Servicer fir déi wuessend digital Verméigensindustrie. D'Firma Echtzäit Bezuelungsplattform, bekannt als Silvergate Exchange Network, ass am Häerz vu senger Client-centric Suite vu Bezuelungen, Prêten a Finanzéierungsléisungen, déi eng erweiderend Klass vun digitale Verméigenfirmen an Investisseuren ronderëm d'Welt servéieren. Silvergate erméiglecht de schnelle Wuesstum vun den digitale Verméigenmäert an nei formt de globale Commerce fir eng digital VerméigenZukunft.
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Hunter Stenback / Ashna Vasa
(858) 200-3782
Medien:
Evann Berry
Source: https://thenewscrypto.com/silvergate-provides-statement-on-minimal-exposure-to-blockfi/