Regulators are reportedly in urgent talks with Silvergate to find ways to save the crypto-friendly bank from a possible shutdown.\u00a0<\/p>\n
Citing \u201cpeople familiar with the matter,\u201d Bloomberg reported on March 7 that Federal Deposit Insurance Corporation officials have been discussing with management ways to salvage the company. <\/p>\n
The FDIC is an independent government agency in the U.S. tasked with supervising financial institutions for safety, soundness and consumer protection, its website\u00a0states. <\/p>\n
The FDIC examiners arrived at the firm\u2019s headquarters last week and have since been reviewing the firm\u2019s books and records, one of Bloomberg\u2019s sources said. <\/p>\n
However, a decision has yet to be made on how it would deal with its financial strife, nor does FDIC involvement suggest a solution can\u2019t be reached without the regulator\u2019s input, another source said.<\/p>\n
Related: <\/em><\/strong>Impact of the Silvergate collapse on crypto \u2014 Watch The Market Report live<\/em><\/strong><\/p>\n Silvergate stock plummeted last week after the company announced a delay in the filing of its 10-K report \u2014 a document that would provide a comprehensive overview of the company\u2019s business and financial condition. <\/p>\n At the time, it said it was \u201cevaluating the impact\u201d of market volatility and several high-profile bankruptcies in 2022 on \u201cits ability to continue as a going concern\u201d over the next 12 or so months.<\/p>\n Uncertainty over Silvergate\u2019s financial situation has raised fears of an upcoming bankruptcy filing, which could prove costly for the rest of the industry. Silvergate stock plummeted over 50% on the New York Stock Exchange on March 2 to $5.72, while crypto prices took a beating across the board.<\/p>\n Within 24 hours after its 10-K delay announcement, Coinbase, Circle, Bitstamp, Galaxy Digital and Paxos announced a scaling back of their individual partnerships with Silvergate. MicroStrategy, Binance and Tether all denied any meaningful exposure to the bank. <\/p>\n As of the time of writing, Silvergate stock was priced at $5.21, down 70% over the past month, according to Google Finance.<\/p>\n Cointelegraph reached out to Silvergate for comment but did not receive an immediate response.<\/p>\n