Business intelligence firm MicroStrategy, stablecoin issuer Tether have become the latest two firms to publicly deny any meaningful exposure to Silvergate Bank.
The news comes after Silvergate announced on March 1 that it would postpone the filing of its annual 10-K financial report, which has many fearing the cryptocurrency bank may be on the brink of a bankruptcy filing. MicroStrategy confirmed that none of its 130,000 BTC is custodied by Silvergate. However, the firm does have a loan to pay off to the bank by Q1 2025.Silvergate is a fintech firm that provides financial infrastructure solutions and services to some of the largest cryptocurrency exchanges, institutional investors and mining companies in the world.
It offers a 24/7 payments platform, named Silvergate Exchange Network, which has reportedly processed over $1 trillion in transactions since 2017.
The firm also provides a stablecoin infrastructure platform, digital asset custody management and collateralized lending services to several institutional players in the cryptocurrency industry.
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