Just when we thought the consequences of the crypto crash is at its tail end, Silvergate, a crypto bank had requested to delay its annual report, citing that its “ability to continue as a going concern for the twelve months following the issuance of these financial statements.”

What is Silvergate?

Silvergate is a US bank that shifted its business towards primarily serving crypto clients, namely big crypto exchanges (and traders). It offers a crypto-friendly payment network that allows users to exchange dollars for crypto easily. It is listed on the NYSE. To provide this function, Silvergate has to hold a large amount of fiat dollars and crypto so as to be able to match user needs. Just like a bank, it accepts user deposits and (supposedly) invests them in safe assets like Treasuries and Fed Reserves.

How should you invest in Crypto in 2023?

No lie, 2022 was a particularly painful year for crypto investors….