Silvergate Capital has announced that it will be reducing its workforce significantly, leaving only a skeleton crew to manage the liquidation of its crypto-friendly bank. The company will be laying off 230 employees tomorrow, with additional layoffs to follow later in the year.

Signature Bank’s payments network — used by cryptocurrency firms looking to exchange fiat currency in real time — is still online even after the lender was put into receivership.

As of March 9, Silvergate will halt operations and undergo liquidation.

Silvergate Capital, which provided lending services to scores of businesses in the cryptocurrency industry, said Wednesday it will cease operations and liquidate its bank unit. “In light of recent industry and regulatory developments, Silvergate believes that an orderly wind-down of Bank operations and a voluntary liquidation of the Bank is the best path forward,” Silvergate said in a press release. It said it will repay all deposits. (forkast)

Silvergate has decided to discontinue its banking operations and focus on other areas of business.

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The parent company of Silvergate Bank, known to many in the space a major crypto bank, has announced plans to “wind down operations” and liquidate the bank.

BCB Group, a payments processor that links crypto companies to the banking system, is accelerating plans to add U.S. dollar capabilities to help fill the hole left by the recently shuttered Silvergate Exchange Network (SEN), CEO Oliver von Landsberg-Sadie said in an interview with CoinDesk.

On March 3, a crypto hedge fund called Digital Asset Capital Management (DACM) with assets worth over $400 million announced they are looking for a new banking partner in Switzerland post Silvergate chaos.

The popular fintech bank Silvergate Bank lost five crypto partners on March 2, owing to a slew of investigations and lawsuits against it.