It depends on who you ask, but this round of government interventions doesn’t yet resemble the large-scale, taxpayer-involved rescue in the wake of the 2008 financial meltdown.
Some of the services provided by Silvergate will migrate to other banks such as Signature Bank, Provident Bancorp, Metropolitan Commercial Bank and Customers Bancorp, the report said.
The bank’s own data shows the rapid acceleration of its novel crypto-banking business and how leaning into digital assets made it vulnerable to the industry’s drama.