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Silvergate Capital’s crypto-related deposits plunge in fourth quarter

(Reuters) – Silvergate Capital Corp’s crypto-related deposits plummeted in the fourth quarter, according to a preliminary earnings report on Thursday, as souring crypto sentiment following the collapse of FTX exchange led to a surge in withdrawals.

Representations of cryptocurrencies Bitcoin, Ethereum and DogeCoin are placed on PC motherboard in this illustration taken

(Reuters) – Silvergate Capital Corp’s crypto-related deposits plummeted in the fourth quarter, according to a preliminary earnings report on Thursday, as souring crypto sentiment following the collapse of FTX exchange led to a surge in withdrawals.

Silvergate’s total deposits from digital asset customers declined to $3.8 billion at the end of Dec. 31, 2022, compared with $11.9 billion at Sept. 30, 2022.

(Reporting by Manya Saini in Bengaluru; Editing by Subhranshu Sahu)

By Reuters

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