<\/p>\n
The wind down of ill-fated, once-crypto friendly Silvergate Bank continued this week.\u00a0<\/p>\n
CEO Alan Lane and chief legal officer John Bonino left their positions effective Aug. 15, and the chief financial officer, Antonio Martino<\/a>, will depart by Sept. 30.\u00a0<\/p>\n All three men will receive severance packages, according to a US Security and Exchange Commission filing<\/a> on Tuesday.<\/p>\n Kathleen Fraher<\/a>, who has been the chief risk officer at Silvergate for over 17 years, will lead the bank through its liquidation process in Lane\u2019s stead as chief transition officer.\u00a0<\/p>\n Silvergate had a reputation for being a bank that serviced crypto clients as far back as 2013, however problems began to emerge by early 2023.\u00a0<\/p>\n The bank lost $1 billion in the fourth quarter of 2022<\/a>, in part due to it being forced to sell assets off at a major loss in order to redeem around $8 billion in customer withdrawals.\u00a0<\/p>\n As this situation spiraled, Silvergate cut 200 positions<\/a> in January 2023, amounting to 40% of its workforce.\u00a0<\/p>\n In March, it all became too much to bear. Silvergate announced its intent to liquidate the bank<\/a> just days after shuttering its exchange network<\/a>, SEN.<\/p>\n By May, there were approximately 80 employees remaining at Silvergate<\/a> to help with the liquidation, a fraction of the 400 people that worked there as of 2022, according to Pitchbook\u00a0<\/p>\n Alex Chriss will become PayPal<\/a>\u2019s new president and CEO on Sept. 27, 2023, the company announced<\/a> on Monday.<\/p>\n Chriss\u2019s hiring puts him in a unique position, where he\u2019ll ultimately helm PayPal\u2019s rollout of its dollar backed stablecoin<\/a>.<\/p>\n PYUSD, PayPal\u2019s stablecoin, is built on Ethereum and is entering a competitive field<\/a>, with giants like Tether and Circle being the top dogs as of now.\u00a0<\/p>\n Chriss<\/a> hasn\u2019t been vocal on crypto as of yet, so there simply isn\u2019t much to go on in terms of his views. Blockworks reached out to PayPal.\u00a0<\/p>\n Intuit, the fintech giant behind brands like TurboTax, Credit Karma and Mailchimp, had previously been Chriss\u2019s home for nearly two decades. He\u2019s served in a variety of roles there and is departing as an executive vice president and general manager of Intuit\u2019s small business and self-employed group.<\/p>\n Chriss will replace Dan Schulman<\/a>, who\u2019s held the top job at PayPal since 2014.\u00a0<\/p>\n Get the day\u2019s top crypto news and insights delivered to your email every evening.\u00a0Subscribe to Blockworks\u2019 free newsletter<\/a>\u00a0now.<\/strong><\/p>\n Want alpha sent directly to your inbox? Get degen trade ideas, governance updates, token performance, can\u2019t-miss tweets and more from\u00a0Blockworks Research\u2019s Daily Debrief<\/a>.<\/strong><\/p>\n Can\u2019t wait? Get our news the fastest way possible.\u00a0Join us on Telegram<\/a>\u00a0and follow us on\u00a0Google News<\/a>.<\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" The wind down of ill-fated, once-crypto friendly Silvergate Bank continued this week.\u00a0 CEO Alan Lane and chief legal officer John Bonino left their positions effective Aug. 15, and the chief financial officer, Antonio Martino, will depart by Sept. 30.\u00a0 All three men will receive severance packages, according to a US Security and Exchange Commission filing […]<\/p>\n","protected":false},"author":2,"featured_media":139498,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-139497","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/139497","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=139497"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/139497\/revisions"}],"predecessor-version":[{"id":147698,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/139497\/revisions\/147698"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/139498"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=139497"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=139497"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=139497"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}PayPal gets a new chief executive<\/h2>\n
Other notable hires<\/h2>\n
\n
\n