{"id":517834,"date":"2023-01-28T03:18:52","date_gmt":"2023-01-28T08:18:52","guid":{"rendered":"https:\/\/uniquehot.com\/?p=517834"},"modified":"2024-06-11T15:07:51","modified_gmt":"2024-06-11T15:07:51","slug":"crypto-friendly-bank-silvergate-suspends-dividend-payouts","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/crypto-friendly-bank-silvergate-suspends-dividend-payouts\/","title":{"rendered":"Crypto-Friendly Bank Silvergate Suspends Dividend Payouts"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">Silvergate, a California-based crypto bank whose shares are listed on the New York Stock Exchange, is\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.businesswire.com\/news\/home\/20230126006026\/en\/Silvergate-Suspends-Series-A-Preferred-Stock-Dividend\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">suspending<\/span><\/a><span data-preserver-spaces=\"true\"> dividend payout to remain highly liquid as the digital currency market tries to pull itself out of the liquidity crisis of 2022.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In a press release on January 27, Silvergate, a state-chartered bank that went public in 2019, said it would suspend dividend payout on its &#8220;5.375% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A&#8221; to preserve capital.\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Focus On Liquidity<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">The crypto bank said its primary focus is maintaining a highly liquid balance sheet with a strong capital position. This will give it an advantage as it navigates the high volatility in crypto. The move means the crypto bank will have more capital than customers&#8217; digital assets.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The bank&#8217;s board of directors will re-evaluate the payments of quarterly dividends depending on market conditions evolve.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">There was no official comment from any of Silvergate&#8217;s executives.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/terra-luna\/nydig-analyzed-the-ftx-collapse-and-its-implications-what-did-we-learn\/\">NYDIG Analyzed The FTX Collapse And Its Implications. What Did We Learn?<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">The high volatility in crypto saw prices peak at around $70,000 in November 2021 before plunging to $15,300 in November 2022.<\/span><\/p>\n<figure id=\"attachment_517835\" aria-describedby=\"caption-attachment-517835\" style=\"width: 1269px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-517835\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/01\/Bitcoin-Price-on-January-28.png?resize=1269%2C493\" alt=\"Bitcoin Price on January 28\" width=\"1269\" height=\"493\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/01\/Bitcoin-Price-on-January-28.png?w=1269 1269w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/01\/Bitcoin-Price-on-January-28.png?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/01\/Bitcoin-Price-on-January-28.png?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/01\/Bitcoin-Price-on-January-28.png?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/01\/Bitcoin-Price-on-January-28.png?w=750 750w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/01\/Bitcoin-Price-on-January-28.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-517835\" class=\"wp-caption-text\">Bitcoin Price on January 28| Source: <a href=\"https:\/\/www.tradingview.com\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\"> Losses were due to several macroeconomic factors and crypto-related events.\u00a0The shift in monetary policy saw central banks hike interest rates to tame runaway inflation.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In return, this change saw capital flow in the other direction, away from what investors would ordinarily label as &#8220;risky&#8221;, including crypto and stocks, to safe havens like bonds and gold.\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Silvergate Forced To Take Bold Steps\u00a0<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">The collapse of several CeFi platforms, first 3AC, Voyager, and BlockFi, before FTX said it was halting withdrawals and eventually filing for Chapter 11 bankruptcy protection, broke the markets. In the aftermath, crypto assets capitulated, with Bitcoin sinking to 2022 lows.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">At one time, FTX was valued at over $32 billion. It later emerged that Sam Bankman-Fried misappropriated clients&#8217; funds through the exchange&#8217;s related trading firm, Alameda Research.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The risk to safety from investors spilled over to Silvergate, stretching the crypto bank. On January 17, Silvergate posted its financial statements with the United States Securities and Exchange Commission (SEC), saying they posted a loss of $949 million in 2022. This was a sharp reversal in fortunes considering the bank made $75.5 million in profits in 2021.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/crypto\/us-regulators-warn-about-crypto-activities\/\">US Federal Regulators Warn About Crypto Activities<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">Early this month, Silvergate clients withdrew almost $8 billion of their crypto deposits. Reports indicate that roughly 66% of the bank&#8217;s clients pulled out their coins in the last three months of the year. Subsequently, the bank was forced to sell $5.2 billion of its assets to cover costs and remain liquid amid the industry&#8217;s rapid changes.\u00a0\u00a0<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Feature image from Canva, Chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Silvergate, a California-based crypto bank whose shares are listed on the New York Stock Exchange, is\u00a0suspending dividend payout to remain highly liquid as the digital currency market tries to pull itself out of the liquidity crisis of 2022. In a press release on January 27, Silvergate, a state-chartered bank that went public in 2019, said it would suspend dividend payout on its &#8220;5.375% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A&#8221; to preserve capital.\u00a0 Focus On Liquidity The crypto bank said its primary focus is maintaining a highly liquid balance sheet with a strong capital position. This will give it an advantage as it navigates the high volatility in crypto. The move means the crypto bank will have more capital than customers&#8217; digital assets. The bank&#8217;s board of directors will re-evaluate the payments of quarterly dividends depending on market conditions evolve.\u00a0 There was no official comment from any of Silvergate&#8217;s executives. Related Reading: NYDIG Analyzed The FTX Collapse And Its Implications. What Did We Learn? The high volatility in crypto saw prices peak at around $70,000 in November 2021 before plunging to $15,300 in November 2022. Losses were due to several macroeconomic factors and crypto-related events.\u00a0The shift in monetary policy saw central banks hike interest rates to tame runaway inflation.\u00a0 In return, this change saw capital flow in the other direction, away from what investors would ordinarily label as &#8220;risky&#8221;, including crypto and stocks, to safe havens like bonds and gold.\u00a0 Silvergate Forced To Take Bold Steps\u00a0 The collapse of several CeFi platforms, first 3AC, Voyager, and BlockFi, before FTX said it was halting withdrawals and eventually filing for Chapter 11 bankruptcy protection, broke the markets. In the aftermath, crypto assets capitulated, with Bitcoin sinking to 2022 lows.\u00a0 At one time, FTX was valued at over $32 billion. It later emerged that Sam Bankman-Fried misappropriated clients&#8217; funds through the exchange&#8217;s related trading firm, Alameda Research. The risk to safety from investors spilled over to Silvergate, stretching the crypto bank. On January 17, Silvergate posted its financial statements with the United States Securities and Exchange Commission (SEC), saying they posted a loss of $949 million in 2022. This was a sharp reversal in fortunes considering the bank made $75.5 million in profits in 2021.\u00a0 Related Reading: US Federal Regulators Warn About Crypto Activities Early this month, Silvergate clients withdrew almost $8 billion of their crypto deposits. Reports indicate that roughly 66% of the bank&#8217;s clients pulled out their coins in the last three months of the year. Subsequently, the bank was forced to sell $5.2 billion of its assets to cover costs and remain liquid amid the industry&#8217;s rapid changes.\u00a0\u00a0 Feature image from Canva, Chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":517836,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[],"class_list":["post-517834","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"acf":[],"yoast_head":"\n<title>Crypto-Friendly Bank Silvergate Suspends Dividend Payouts<\/title>\n<meta name=\"description\" content=\"Silvergate, a California-based crypto bank whose shares are listed on the New York Stock Exchange, is\u00a0suspending dividend payout to remain highly liquid\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. 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The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. 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