Crypto-friendly bank Silvergate Bank’s wire transfer business fails due to disruption of payment processor Finastra

Multiple customers at Silvergate Bank, a cryptocurrency friendly bank based in Silicon Valley, USA, have reported problems with the company’s wire transfer business to the company. Alan Lanehu, CEO of Silvergate, responded that “the problem with the wire transfer was related to an interruption in the payment processor Finastra connecting Silvergate and Fedwire, the US real-time settlement network.” Silvergate’s customers include mainstream cryptocurrency exchanges such as Gemini and Kraken, as well as institutional investors including Blocktower and Polychain Capital. Some customers of the bank’s crypto companies have indicated that they cannot currently send money to the bank. Alan Lanehu also stated that “there is a problem with the client’s deposit and remittance, but said that the remittance has been manually processed through its backup plan. Lianwen previously reported that the parent company of the cryptocurrency-friendly bank Silvergate Bank, Silvergate Capital Corpation, was officially listed on the New York Stock Exchange in November 2019. Silvergate stated that it will provide cryptocurrency company lending services to deepen high-net-worth customer relationships. And increase interest income.