The California-based bank has shut down Silvergate Exchange Network (SEN), its dedicated payment network for its crypto customers.
Late Friday, Silvergate Bank said it had shut down its payment network named Silvergate Exchange Network, which is widely used by crypto investors and businesses.
Effective immediately, Silvergate Bank has made a risk-based decision to terminate the Silvergate Exchange Network (SEN). All other deposit-related services remain operational,” the San Diego-based crypto-friendly bank wrote on its website.
The institution’s announcement comes amid concerns about its financial health. Silvergate on Thursday saw its crypto customers walk away after it said it was reviewing whether it was able to continue operations. Coinbase and other industry giants have cut ties with the bank.
Silvergate Exchange Network (SEN) was a popular payment network within the ecosystem. It allowed its crypto customers to transfer funds outside of business hours (24/7).
