Silvergate Capital
, a company specializing in crypto assets and owner of the bank of the same name, has announced that it is going to lay off
40% of the workforce
, some 200 employees, as a result of the "confusion" in the industry.
The firm assured that the current state of the market has had an impact on its activity and takes measures that it considers "prudent" to ensure that its business remains "resilient".
As they explained, throughout 2022 contracts were made "at a rapid pace" to be able to "keep up" with the growth of the sector and to serve all its clients.
However, they are now being forced to make these layoffs because of "the economic realities facing the business and industry today," they said in a statement.
Thus, they believe that getting rid of 200 employees will allow them to "continue offering a personalized experience to customers", but, at the same time, "prudently manage expenses in a more complex macroeconomic environment".
All affected workers were notified on the 4th. The company expects the cost of the workforce reduction to be
approximately $8 million
, mainly due to terminations.
Silvergate shares, which began trading in 2019, were down more than 45% after the announcement, and were below $12.
According to Europa Press, they had closed 2022 at a price of $17.40, although they exceeded $239 at the end of November 2021.
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