Bank bust
Contagion, regulation worries grow after crypto bank’s demise
Welcome to The Daily Forkast — March 9, 2023 — presented by Joel Flynn.
Silvergate, one of crypto’s biggest banks, said it is winding down operations and liquidating its bank unit. The company is unable to continue after struggling for months with losses.
Also, last week, Silvergate Bank suspended the Silvergate Exchange Network, a service that allowed crypto and institutional clients to make transactions around the clock. These events are raising the question — is crypto unbankable?
Join us in this episode as we take a look at how worries about contagion and regulation can grow after the crypto bank’s demise.