Cryptocurrency bank Silvergate has written down the value of its acquisition of Diem, with the deal losing 98%

ChainCatcher news, according to Decrypt, crypto bank Silvergate Capital disclosed last week that it recorded a $196 million impairment charge in the fourth quarter of 2022, reducing the value of the intellectual property and technology acquired from Diem Group at the beginning of last year. This adjusted figure represents a loss of 98% compared to the $200 million paid for these assets at the time of acquisition.

It is reported that Silvergate had planned to use these assets to launch a stablecoin, but Silvergate stated last week that the release plan for the stablecoin has been firmly shelved. (Source link)