Crypto Companies Have a New Crisis: Banks May Not Take Their Money
Silvergate Capital is in crisis mode after the crypto bank warned about its ability to “continue as a going concern.” The disclosure, made in a securities filing late Wednesday, sent its stock crashing 55% on Thursday to around $6 a share.
The disclosure also raised questions about the future of crypto companies’ relationships with banks; liquidity in the token market; and whether anyone could step into Silvergate‘s (ticker: SI) shoes if the company doesn’t survive its latest crisis of confidence.
