The world’s largest stablecoin Tether’s (USDT) CTO Paolo Ardoino, one of its top executives, explained that the company has no exposure to Silvergate bank, which is on the agenda of the cryptocurrency market.
#Tether does not have any exposure to Silvergate.
— Paolo Ardoino 🍐 (@paoloardoino) March 2, 2023
California-based Silvergate, cryptocurrency One of the few banks focused on doing business with their companies.
Silvergate lost nearly half of its value in early trading on Thursday after it said it was assessing its viability.
Silvergate Lost Too Many Cryptocurrency Partners Today
In addition to this, Silvergate also lost many companies with which it did business in the cryptocurrency market. These include giant crypto representatives such as Coinbase, Circle, Paxos, Galaxy, CBOE.
Silvergate said in a legal filing Wednesday that it would not be able to submit its annual report to the Securities and Exchange Commission (SEC) in a timely manner.
The company said it would miss the March 16 deadline due to further weakening in its capital position since last month when it reported bad fourth-quarter earnings.
Silvergate was hit hard by the recent crash in cryptocurrency prices and the collapse of the bank’s client, Sam Bankman-Fried’s FTX empire. US-listed crypto exchange Coinbase said on Thursday it is no longer accepting or launching payments to or from Silvergate, “in light of recent developments and acting cautiously.”
Galaxy Digital, a crypto financial services company, also said on Thursday that it has “no material exposure” to the bank, noting that it has stopped accepting or stopping transfers from Silvergate.
*Not investment advice.
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