The Crypto Winter has hit companies hard across the industry, but the crypto-focused Silvergate Capital has been one of the most significant victims, reporting on Tuesday a net loss of $1 billion for the fourth quarter of 2022.
The California-based bank was founded in 1988 as a savings and loan association, transitioning into one of the key players in the crypto ecosystem. With many traditional banks wary to work with crypto companies, Silvergate positioned itself around the industry, serving more than 1,500 digital currency and financial technology companies.
