What the Silvergate Death Spiral Means for the Crypto Industry
The Breakdown
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Silvergate's Recent Bankruptcy
Senn saw a huge amount of success with Silvergate claiming in late 2019 that more than 75% of the total addressable digital asset market held accounts with the bank. Volumes as you would expect exploded in 2021 with Senn clearing more than $150 billion in each quarter that year, coming close to clearing $250 billion in Q2 at the height of the bull run. The growing use of Senn was a paradigm shift for the industry. Exchanges had gone from having difficulty obtaining any banking services whatsoever to having an instant settlement network available for off-chain funds.
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