INDUSTRY leviathans Coinbase and Galaxy Digital have ditched Silvergate Capital as their banking partner over concerns about the lender's future. Eyebrows were raised at Silvergate's most recent filings which appeared to question its ability to remain a viable business. The collapse of the FTX exchange triggered concern among investors - a ripple effect now showing up in the deterioration of the California-based lender's capital position. Silvergate shares halved in value as bosses revealed they were working on keeping the crypto-reliant business afloat, saying they were "evaluating the impact that these subsequent events have on its ability to continue as a going concern for the 12 months following the issuance of its financial statements".

(c) 2023 City A.M., source Newspaper