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On October 12, Iranian Foreign Minister Araqchi and Saudi Foreign Minister Faisal held a telephone conversation on the evening of October 11 to exchange views on the current regional situation. Araqchi expressed concern about the escalating regional tensions and emphasized that insisting on military means while ignoring a political solution would only further complicate the current situation. Araqchi stressed that there is no military solution to the regional crisis and that Iran is willing to provide all possible assistance to facilitate dialogue between Saudi Arabia and Yemen and ultimately reach a political solution.The U.S. National Hurricane Center: The center of Hurricane Simon continues to glide along the west-central coast of Mexico, where hurricane weather is possible; new hurricane watch warnings have been issued for areas further north of the Mexican coast.Market sources indicate that Iranian Foreign Minister Araqchi, in a phone call with the Saudi Foreign Minister, stated that taking military action instead of seeking a diplomatic solution would further complicate the situation. Iran is willing to assist in facilitating dialogue between Saudi Arabia and the Houthi rebels to reach a political solution.A spokesperson for the Islamic Revolutionary Guard Corps released an image showing a missile facing the ocean, with a U.S. aircraft carrier visible in the crosshairs of its sights. The caption read: "We are waiting."The Iranian foreign minister informed the Saudi foreign minister that Tehran was prepared to provide assistance in facilitating dialogue between Saudi Arabia and Yemen.

Silvergate Capital reports net loss of $1 billion for the fourth quarter

Jimmy Khan

Jan 18, 2023 15:50

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After revealing earlier this month that investors scared off by the collapse of cryptocurrency exchange FTX withdrew more than $8 billion in deposits in the last three months of 2022, Silvergate Capital Corp. recorded a net loss of $1 billion in the fourth quarter.


The bank's stock increased by about 4% in pre-market trading.


The bank with a cryptocurrency concentration earlier said it will reduce its personnel by 40%, or approximately 200 people, as it strives to control expenses in the midst of a worsening crypto slump.


In a preliminary financial report published on Jan. 5, Silvergate said that total deposits from users of digital assets had decreased to $3.8 billion at the end of December from $11.9 billion at the end of September. In order to retain liquidity, the corporation sold debt instruments worth $5.2 billion at a $718 million loss in the fourth quarter.


The catastrophic financial report illustrates the full depth of the damage caused by the bankruptcy of crypto exchange FTX in November after it failed to pay for client withdrawals, a startling turn of events for what was once one of the largest crypto exchanges in the world.


Silvergate had originally claimed that it had no outstanding debts or interests in FTX, but since the exchange's breakdown, which caused a massive crypto sell-off, its shares had lost 69% of their value.


Slowing down company growth, a La Jolla, California-based Additionally, Silvergate said earlier this month that it would postpone the rollout of a blockchain-based payment system it had last year bought from Diem Group, which was funded by Meta Platforms Inc.


The bank said that it will incur a $196 million impairment charge in the fourth quarter for assets bought for the payment solution partnership.


1988-founded Silvergate entered the cryptocurrency market in 2013. Major exchanges like Coinbase Global Inc. and Kraken are among the bank's clients.


The bank had previously run a mortgage warehousing company, but it stated in December that it would be closing that section due to the climate of increasing interest rates and declining mortgage activity. According to corporate documents, the bank got advances totaling $4.3 billion in the fourth quarter from the Federal Home Loan Bank of San Francisco.


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