Bitcoin
Bitcoin (BTC)
$62,022.00 2.04417
Bitcoin price
Ethereum
Ethereum (ETH)
$2,413.94 2.7368
Ethereum price
BNB
BNB (BNB)
$555.37 2.0287
BNB price
Solana
Solana (SOL)
$142.80 4.438
Solana price
XRP
XRP (XRP)
$0.534096 2.28418
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000173 8.03321
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000093 7.48555
Pepe price
Bonk
Bonk (BONK)
$0.0000215 8.10825
Bonk price
Bitcoin
Bitcoin (BTC)
$62,022.00 2.04417
Bitcoin price
Ethereum
Ethereum (ETH)
$2,413.94 2.7368
Ethereum price
BNB
BNB (BNB)
$555.37 2.0287
BNB price
Solana
Solana (SOL)
$142.80 4.438
Solana price
XRP
XRP (XRP)
$0.534096 2.28418
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000173 8.03321
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000093 7.48555
Pepe price
Bonk
Bonk (BONK)
$0.0000215 8.10825
Bonk price
Bitcoin
Bitcoin (BTC)
$62,022.00 2.04417
Bitcoin price
Ethereum
Ethereum (ETH)
$2,413.94 2.7368
Ethereum price
BNB
BNB (BNB)
$555.37 2.0287
BNB price
Solana
Solana (SOL)
$142.80 4.438
Solana price
XRP
XRP (XRP)
$0.534096 2.28418
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000173 8.03321
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000093 7.48555
Pepe price
Bonk
Bonk (BONK)
$0.0000215 8.10825
Bonk price
Bitcoin
Bitcoin (BTC)
$62,022.00 2.04417
Bitcoin price
Ethereum
Ethereum (ETH)
$2,413.94 2.7368
Ethereum price
BNB
BNB (BNB)
$555.37 2.0287
BNB price
Solana
Solana (SOL)
$142.80 4.438
Solana price
XRP
XRP (XRP)
$0.534096 2.28418
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000173 8.03321
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000093 7.48555
Pepe price
Bonk
Bonk (BONK)
$0.0000215 8.10825
Bonk price

Silvergate stock price falls 46% amid massive layoffs

silvergate-stock-price-falls-46-amid-massive-layoffs
Edited by
News
Silvergate stock price falls 46% amid massive layoffs

Silvergate shares plummeted 46% as the company announced to lay off 40% of its workforce, equating to approximately 200 employees.

Silvergate struggles to remain in business

Silvergate, a publicly traded crypto banking company, has had its share price fall 46% as it struggles to remain afloat. Citing the current crypto winter season, Silvergate announced restructuring moves to cut expenses and stay in business. As part of the strategies, the company has announced plans to lay off 200 employees, accounting for at least 40% of its workforce. 

Silvergate stock price falls 46% amid massive layoffs - 1
Source: MarketWatch

Silvergate wrote in an SEC filing that it was taking measures to remain resilient as it faces tough economic times. It added that the only way out for it was cutting the costs of operation. It also added in the filing that it had informed the affected employees two days ago.

As part of the plans to usher out the outgoing employees, the digital asset bank announced offering severance packages and job replacement resources at an aggregate financial penalty of $8 million. It includes $6.1 million worth of “severance payments and $1.3 million in employee benefits”. According to the filing, the company will incur most of the costs in the first quarter of 2023, after which the firm oversees a looming path toward profitability.

Silvergate’s performance in the last quarter of 2022

In the last quarter of 2022, the firm announced the exit of its mortgage warehouse lending services, resulting in a $4 million liability pegged to employee benefits. Towards the end of 2022, Silvergate experienced near bankruptcy with 8.1 million outflows from the financial institution. The firm was forced to sell $5.2 billion worth of security debt at a $718 million loss to cater to the withdrawal transactions. 

Silvergate still spearheads crypto investments. The financial institution is focused on offering financial derivatives to investors and centralized exchanges. These activities orient most deposit accounts to cryptocurrencies which account for 90% of the bank’s total deposits.