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Cryptocurrencies: 26009
Markets: 101336
Market Cap: $2,905,692,986,217     
24h Vol: $64,980,493,784
Seeking Alpha 2022-11-22 15:48:43

Crypto prime broker FalconX is said to resume using Silvergate's payments system

Crypto prime broker FalconX is said to resume using Silvergate's payments system
Silvergate Capital ( NYSE: SI ) stock climbed 8.8% in Tuesday morning trading after FalconX, an institutional cryptocurrency trading platform, said it will resume its customer's use of Silvergate's payment network to make cash payments after halting it last week, Bloomberg reported, citing a recent memo. FalconX's suspension of allowing its clients to use the Silvergate Exchange Network came about following an outage that impacted Silvergate's ( SI ) "wire payment network," as the collapse of crypto exchange FTX prompted further crypto market uncertainty, the memo read, as reported by Bloomberg. Silvergate's ( SI ) SEN, a key player in the digital asset-focused bank's overall growth, enables its clients to transfer U.S. dollars and euros in real-time. Seeking Alpha contributor Lyster Analytics views Silvergate stock, down 87% Y/Y, aa a Strong Sell given its material exposure to FTX and Gemini .
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