Crypto Startup Block.one Sells Entire Equity Position in Silvergate Bank
Block.one, the crypto startup backed by Peter Thiel, has announced that it has sold its entire equity position in Silvergate Bank. The move comes after Silvergate Bank announced last week that it would not file its annual report with the U.S. Securities and Exchange Commission on time. On Wednesday, Silvergate confirmed that it will wind down operations.
In a statement, Block.one said that it is disappointed in how things have ended for Silvergate, but it remains “unwavering that banks and other financial institutions embracing the digital asset and cryptocurrency sectors are well-positioned.” The company had held a combined 9.9% stake in Silvergate Bank worth approximately $95 million by the end of last year.
Block.one famously raised $4 billion in an ICO for Ethereum competitor EOS. The company has been making headlines recently for its involvement in the NFT space, with its subsidiary Bullish launching a new decentralized exchange for NFTs earlier this year. The company has also been working on a new blockchain-based social media platform called Voice, which is set to launch later this year.
