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The End of SEN: Silvergate Discontinues its Exchange Network
Once a key piece of the digital asset industry’s infrastructure enabling 24/7 fiat-to-crypto transactions, Silvergate’s SEN is now officially discontinued.
Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our website policy prior to making financial decisions.
- On Friday, March 3rd, Silvergate posted a notice to its website stating that it has made a “risk-based decision” to discontinue SEN.
- According to the notice, all other deposit-related services are still operational.
- Silvergate saw a mass exodus of its partners from the cryptocurrency sector this Thursday.
- The bank’s shares plummeted more than 50% between Wednesday and Thursday after the bank revealed it is postponing its 10-K filing.
- The turmoil caused by Silvergate’s woes saw the price of BTC and ETH drop about 5% on Friday.
- Silvergate’s troubles began in earnest after the collapse of FTX last November.
- In early January, it was uncovered that the bank suffered a bank run worth more than $8 billion.
- By February, rumors that the DoJ is preparing a probe over the company’s involvement with SBF’s fallen empire surfaced.
- The rumors were seemingly confirmed in Silvergate’s recent filing with the SEC.
- Silvergate once served as the go-to bank for cryptocurrency companies that needed to make quick fiat-to-crypto transactions.
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