Silvergate Cuts 40% Jobs, Writes Off Diem Asset Acquisition

Silvergate Capital (SI), the crypto-focussed bank, has cut 40% of its total staff or about 200 employees, the firm said on Thursday.

The bank has also halted its plans to launch a digital currency and has written off the $196 million related to its acquistion of the technology and assets of Diem Association from Meta (FB).

Diem had said in February last year that Silvergate would be buying its assets and technology.

Shares of Silvergate were down 23% at $16.9 in pre-market trading.

Read more: Silvergate Shares Drop to Fresh 2-Year Low Amid FTX Testimony