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Silvergate’s Woes Are Latest Blow for Crypto Traders

The struggling bank has suspended a payment network that was mostly invisible to average investors, but a key part of how money moved seamlessly through the industry.

Bloomberg business news
Silvergate Shuts Crypto Payments Network; Shares Fall

The average US crypto trader has probably never heard of the Silvergate Exchange Network.

But the suspension of SEN by Silvergate Capital Corp., the struggling crypto-exposed bank, is the latest blow for the beleaguered industry. Silvergate has already been hit by a run on deposits, and the discontinuation of its flagship payment network adds to mounting questions over whether it can survive. It also creates potential problems for crypto traders.