Block.one Sells its Stake in Silvergate Bank
Block.one, the company behind the EOS project, announced on March 8 the sale of its stake in Silvergate Bank.
In a statement, the company expressed disappointment in the result, but stated that they remain confident in the potential of banks and other financial institutions in the digital asset and crypto space.
Block.one and its co-founder Brendan Blumer acquired 9.3% and 7.5%, respectively, of the digital asset-friendly bank in the fall of 2022.
This decision to exit the position came after Silvergate Capital Corporation postponed filing its annual report to the SEC, closed the SEN payment network, and saw their rating drop due to their connection to FTX and Alameda Research.
Since then, large crypto companies such as Tether, Galaxy Digital, Paxos, Gemini, Coinbase, and Bakkt have distanced themselves from the organization.
