Silvergate Shuts Crypto Payments Network It Once Hyped (1)

Silvergate Capital Corp. discontinued the payments network that has served as a vital hub for investors in the cryptocurrency industry, days after the firm raised questions about its own viability.

“Effective immediately Silvergate Bank has made a risk-based decision to discontinue the Silvergate Exchange Network,” the firm said Friday on its website. “All other deposit-related services remain operational.”

The company’s payments platform was its flagship offering. Silvergate has called SEN “the heart” of its group of services for crypto clients. The system offered customers the ability to move cash to each other around the clock, with the slogan: “Goodbye, ...