State-chartered bank, which specializes in providing financial infrastructure to the cryptocurrency industry, filed a WARN Act on job cuts that reduced its workforce by 40 percent
In an effort to reset its business after a massive run on deposits last quarter, San Diego crypto-bank Silvergate Capital has slashed 181 jobs at its local headquarters.
Silvergate, a state-chartered bank, specializes in providing financial infrastructure to the cryptocurrency trading industry. It has been pummeled in recent months by several crypto industry failures and bankruptcies — culminating in the high-profile collapse of FTX and resulting in fraud charges against founder Samuel Bankman-Fried.
“Part of the reasons we’ve had to cut as deep as we have on the expense side is a reflection of where deposits settled out in the fourth quarter,” said Lane.
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