The current turmoil in the crypto markets shows the need for such requirements as soon as possible, the banking chief said.

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The largest crypto exchange’s Binance USD stablecoin endured $5.5 billion net redemptions in a month amid concerns about Binance. Top rivals USDT and USDC picked up market share.

Silvergate also cut 40% of its staff and has written off the $196 million related to its Diem acquisition.

Poor market sentiment and an extreme lack of volatility were the likely culprits behind the declines.

The job cuts come a day after the company said it would be “reducing costs and driving efficiencies” amid a challenging environment for crypto companies.

Silvergate today announced it was cutting down 40% of staff, amid major outflows from its platform.

Live from CES 2023 in Las Vegas, Nevada, the tech giant is looking to transform the customer experience and believes the future will be based on a hybrid model.

The new integration streamlines the NFT process for buyers and sellers.

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