Silvergate Capital ( NYSE: SI ) said Friday it made a "risk-based decision" to discontinue its Silvergate Exchange Network, according to an alert on its website, sending its stock ~2% lower after the bell. The development days after the cryptocurrency-friendly bank delayed its annual report filing given additional losses that could result in it being less than well-capitalized. It is also analyzing the impact of regulatory scrutiny and its ability to continue as a going concern . "All other deposit-related services remain operational," the alert on Silvergate's ( SI ) website read. The Silvergate Exchange Network enables the bank's crypto and institutional investor clients to send USD round the clock throughout the year between their Silvergate ( SI ) accounts and accounts of other clients of the bank. The platform enables near real-time transfers and immediate fund availability. Earlier, ratings of Silvergate ( SI ) and its banking unit were cut by Moody's .
