Silvergate has been struggling due to the crypto meltdown and the collapse of FTX, which was its biggest customer, added to its woes|QuoteInspector|CC BY-ND 4.0

Silvergate Capital announced Wednesday that it will be closing its operations and liquidating its bank, which has more than $11 billion in assets.

Silvergate has been struggling due to the crypto meltdown and the collapse of FTX, which was its biggest customer, added to its woes. In a statement, the bank said winding down its operations was “the best path forward” in light of “recent industry and regulatory developments.”

Silvergate has been one of the two major banks for the crypto industry, the other being Signature Bank.

The firm shared its liquidation plans Wednesday, according to which it will fully repay all deposits.