Silvergate Capital Corporation notified its clients it has suspended its crypto instant payment network that allowed users to initiate transactions at any time.
"Effective immediately Silvergate Bank has made a risk-based decision to discontinue the Silvergate Exchange Network (SEN)," the company said. "All other deposit-related services remain operational," the message read.
This week, the corporation revealed in a Securities and Exchange Commission (SEC) filing that it expects additional losses after suffering a $948 million loss at the end of the fourth quarter.
