The decision comes after the company flagged risks to its ability to continue operating as a going concern earlier this month, fanning liquidity concerns that sparked a rout in the crypto market.

Multiple partners of the bank, including high-profile firms like Coinbase Global Inc and Galaxy Digital, severed ties with Silvergate last week.

(Reporting by Manya Saini and Anirban Chakroborti in Bengaluru; Editing by Maju Samuel)