💰 Crypto bank Silvergate to shut down
💰 Crypto bank Silvergate to shut down
The latest victim of FTX's collapse?
Hey Waivly Crew! 🌊 Crypto-friendly Silvergate Bank has begun the voluntary process of liquidation. Binance’s NFT marketplace now supports the Polygon network.
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Binance’s NFT marketplace now supports Polygon
Cryptocurrency exchange Binance’s non-fungible token arm – Binance NFT – has added support for the Polygon network.
The new integration will enable users to explore and trade a wider variety of NFTs across multiple blockchains, including BNB Smart Chain, Ethereum, and Polygon, using their Binance accounts.
Despite the announcement, Binance has taken a cautious approach to its NFT listings. In a blog post, the marketplace noted that not all NFT collections would be available at the moment. They wrote:
“Currently, only selected ERC-721 NFT Collections on the Polygon network are available on the Binance NFT Marketplace. Binance NFT will integrate more NFT collections on a regular basis.”
In January, the marketplace tightened its listing rules “to prevent the creation of low-quality NFTs and misuse of this feature.” Binance also said it would conduct periodic reviews of listed NFT collections.
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Crypto Special
Crypto bank Silvergate announces “voluntary liquidation”
Crypto-focused Silvergate Bank will “wind down operations” and “voluntarily liquidate" its assets due to losses following the collapse of crypto exchange FTX.
In Wednesday's announcement, Silvergate said it had hired Centerview Partners as a financial adviser and Cravath, Swaine & Moore as legal advisers to assist with the process.
The decision to close the bank comes just a week after the La Jolla, California-based company warned that it was facing a financial crisis.
In a filing to the Securities and Exchange Commission, Silvergate disclosed it had sold additional debt securities to repay debts this year and that further loss could leave the bank "less than well capitalized".
"In light of recent industry and regulatory developments, Silvergate believes that an orderly wind down of Bank operations and a voluntary liquidation of the Bank is the best path forward. The Bank’s wind down and liquidation plan includes full repayment of all deposits," Silvergate Corp. said in a press release.
"The Company is also considering how best to resolve claims and preserve the residual value of its assets, including its proprietary technology and tax assets."
California’s state banking regulator said it is “monitoring the situation closely” and working with federal regulators to make sure Silvergate’s closure is “safe and expeditious.”
Gate.io to launch Visa crypto debit card in Europe
Gate Group, the parent company behind crypto exchange Gate.io, has announced plans to launch a Visa crypto debit card.
The card will be launched through Gate's Lithuania-based company, Gate Global UAB, and offer a secure way for users to spend their crypto at the 80 million merchant locations that accept Visa globally.
"We are thrilled to introduce this innovative solution to the market," said Dr. Lin Han, Founder, and CEO of Gate Group. "With the Gate Visa card, our users can make seamless crypto payments to merchants worldwide. It bridges crypto with everyday life and brings greater financial inclusion to users."
A waitlist and registration process is now open for users in the European Economic Area, according to a statement from Gate.
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