Silvergate had operated as a gateway for more than 1,000 “institutional crypto market participants including major crypto exchanges, miners, stablecoin issuers, market makers and digital asset fund managers that have been using its network to transfer fiat currency between their Silvergate accounts and the accounts of other Silvergate customers,” analysts led by Nikolaos Panigirtzoglou wrote.
Replacing Silvergate’s Network Is a Challenge for Crypto Industry: JPMorgan
