Silvergate Causing Concern for the Web3 Industry

Silvergate Captial has caused a brief panic in the web3 community following their annual report being delayed, revealing large losses within the company. Silvergate was well known in the web3 industry as a banking provider for many crypto businesses including Circle, Coinbase, Paxos, Bitstamp, and Kraken. 

At Coinbase all client funds continue to be safe, accessible & available.

In light of recent developments & out of an abundance of caution, Coinbase is no longer accepting or initiating payments to or from Silvergate.

— Coinbase (@coinbase) March 2, 2023

Following the delay, many of the major crypto companies doing business with Silvergate announced that their customer assets were safe and unaffected by the issues at Silvergate, mitigating concern among investors who web3 companies have routinely failed over the past year and a half.