Silvergate Shares Plunge 41% as Firm Cuts 200 Jobs, Writes Off Diem Asset Acquisition

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“In response to the rapid changes in the digital asset industry during the fourth quarter, we took commensurate steps to ensure that we were maintaining cash liquidity in order to satisfy potential deposit outflows, and we currently maintain a cash position in excess of our digital asset related deposits,” said Silvergate CEO Alan Lane.

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