Crypto-Focused Bank Silvergate Slashes 40% Workforce, Abandons Several Projects

CEO Alan Lane said that Silvergate currently maintains a cash position in excess of its digital asset-related deposits.

The FTX collapse has accelerated lay-offs as the sector struggles to weather the incessant turmoil.

Crypto-focused bank – Silvergate Capital – has become the latest to slash 40% of its workforce, which is around 200 employees, according to a Wall Street Journal report on Thursday.