• Home
  • NFT
  • Bitcoin
  • Events
  • Contact
    • Contact
    • Our Journalists
    • About Us
    • Partners
Friday, January 27, 2023
No Result
View All Result
Our Bitcoin News
  • Home
  • NFT
  • Bitcoin
  • Events
  • Contact
    • Contact
    • Our Journalists
    • About Us
    • Partners
  • Home
  • NFT
  • Bitcoin
  • Events
  • Contact
    • Contact
    • Our Journalists
    • About Us
    • Partners
No Result
View All Result
Our Bitcoin News
No Result
View All Result

Silvergate cuts employees by 40% ─ discontinues digital currency issuance using Diem assets | coindesk JAPAN | Coindesk Japan

by Damien Martin
5 January 2023
Silvergate cuts employees by 40% ─ discontinues digital currency issuance using Diem assets | coindesk JAPAN | Coindesk Japan
Share on FacebookShare on Twitter

Crypto-focused bank Silvergate Capital will cut about 200 jobs, or 40% of its total workforce, on Jan. 5 in an SEC (U.S. Securities and Exchange Commission) filing. clarified. The news sent the company’s stock price down 46% to around $11.76.

The company also canceled plans to issue a digital currency and spent $196 million to buy Diem Association technology and assets from Meta (formerly Facebook). was written off.

The Diem Association announced in February 2022 that Silvergate would purchase the company’s assets and technology.

“In response to the rapid changes in the digital asset industry in the fourth quarter (October-December 2022), we have taken corresponding measures to ensure cash liquidity to meet potential deposit outflows. “Currently, we maintain a cash position above our digital asset-related deposits,” said CEO Alan Lane in a press release.

Despite the challenging macroeconomic environment and the slump in the cryptocurrency market, the Silvergate Exchange Network still saw average daily trading volume of $1.3 billion in Q4, up from $1.2 billion in Q3.

But in the fourth quarter, $8.1 billion in deposits related to digital assets flowed out. Deposits fell to $3.8 billion in the fourth quarter from $11.9 billion in the third quarter.

“The digital asset industry is at a major turning point. Massive over-leveraging has led to the failure of several high-profile companies and created an industry-wide credit crisis. Much of the industry has shifted to risk-off,” Lane said. CEO said.

|Translation: coindesk JAPAN
|Editing: Toshihiko Inoue
|Image: Shutterstock
|Original: Silvergate Cuts 40% Jobs, Writes Off Diem Asset Acquisition

Previous Post

Indonesia Plans to Launch Cryptocurrency Exchange in 2023: Report

Next Post

Blockchain will be a sustainability solution in 2023[Opinion]| coindesk JAPAN | coindesk Japan

Damien Martin

Damien Martin

Damien has a rich history in the fintech and business reporting world. He is currently working at OBN to cover the most important news from the blockchain industry.

Related Posts

Huobi token drops 11% ── Layoffs and internal problems are reported | coindesk JAPAN | Coindesk Japan

Huobi token drops 11% ── Layoffs and internal problems are reported | coindesk JAPAN | Coindesk Japan

by Damien Martin
6 January 2023

Cryptocurrency exchange Huobi has cut staff significantly, requiring employees to be paid in stablecoins and closing communication channels for internal...

Metaverse is essential: US Microsoft executives | coindesk JAPAN | Coindesk Japan

Metaverse is essential: US Microsoft executives | coindesk JAPAN | Coindesk Japan

by Damien Martin
6 January 2023

Henry Bzeih, Chief Strategy Officer of Microsoft, made a live appearance at CoinDesk TV's special studio set up at the...

Genesis, another 30% reduction in personnel | coindesk JAPAN | coin desk Japan

Genesis, another 30% reduction in personnel | coindesk JAPAN | coin desk Japan

by Damien Martin
6 January 2023

Genesis Global Trading, a cryptocurrency lending and trading firm, has further cut staff. A company spokesperson confirmed this in a...

No Result
View All Result

Recent Posts

  • DEA’s NFT Marketplace Allows Buying With Fiat Currency
  • BuzzFeed Stock Soars 119% After OpenAI Content Boost
  • Huobi Japan starts handling pallet token (PLT) | coindesk JAPAN
  • Ethereum L2 Demand Increases, Optimism Token Hits Record High
  • Polkadot-Developed Web3 Foundation Says ‘DOTs Are No Longer Securities’
Our Bitcoin News

© 2021 Our Bitcoin News

Navigate

  • Home
  • Press Release
  • Sponsored
  • Our Journalists
  • Advertise
  • Editorial Policy
  • Privacy Policy
  • Terms & Conditions

Follow Us

No Result
View All Result
  • Home
  • NFT
  • Bitcoin
  • Events
  • Contact
    • Contact
    • Our Journalists
    • About Us
    • Partners

© 2021 Our Bitcoin News