Silvergate Crypto Bank Reports $1 Billion Net Loss in Q4 2022

• Silvergate Crypto Bank reported a net loss of $1 billion in Q4 2022.
• The bank attributed the loss to a significant outflow of deposits and the ongoing crypto crisis.
• Silvergate CEO Alan Lane stated that the firm’s mission „has not changed“.

Silvergate Crypto Bank recently reported a net loss of $1 billion in Q4 2022, a significant loss attributed to a significant outflow of deposits and the ongoing crypto crisis. The bank has initiated action to maintain the cash liquidity including the selling of debt securities and wholesale funding.

The US Securities and Exchange Commission (SEC) published a report highlighting the net loss to common shareholders during the Q4 of 2022. According to the report, the digital asset bank witnessed a significant outflow of deposits and initiated action to maintain the cash liquidity including the selling of debt securities and wholesale funding. Silvergate Bank noted that the current “transformational shift” in the crypto industry has led to a crisis of confidence across the ecosystem.

Despite the massive losses, Silvergate CEO Alan Lane stated that the firm’s mission “has not changed”. He further added that the firm is confident that the current market conditions are temporary and that they are “well positioned to benefit from the long-term growth of the digital asset industry”. Lane also noted that the bank is focused on continuing to provide the highest level of service and liquidity to its customers.

Silvergate Crypto Bank has faced significant headwinds in the past few months due to the collapse of the crypto exchange FTX. Despite the losses, the bank has taken measures to ensure the cash liquidity and confident that they will be able to benefit from the long-term growth of the digital asset industry. Silvergate CEO Alan Lane stated that the firm’s mission has not changed and they are focused on providing the highest level of service and liquidity to its customers.