Kiffmeister’s #Fintech Daily Digest (20230303)

Crypto bank Silvergate shares plunge after warning on ability to survive

Crypto-focused Silvergate Bank said it would not be able to file its annual report with the Securities and Exchange Commission (SEC) by the March 16 deadline because of a further weakening in its capital position since February 2023, when it reported dismal fourth-quarter earnings, and Bloomberg reported that the U.S. Department of Justice (DOJ) was investigating Silvergate’s relationship with the failed FTX exchange and its hedge-fund affiliate Alameda Research. Silvergate said it was “evaluating the impact that these subsequent events have on its ability to continue as a going concern for the 12 months following the issuance of its financial statements”. [Read more at the FT and Forbes]

This a good explainer from Bloomberg’s Matt Levine on Silvergate’s business model and the events that led to its current debacle (“Silvergate had a Crypto Bank Run“). This one by David Gerard is pretty good too (“Silvergate, Banker to the Crypto World, is Going Down“).

Nigeria’s central bank digital currency: one year after

The IMF’s Staff Report for the Nigeria 2022 Article IV Consultation noted that the uptake of the Central Bank of Nigeria’s eNaira in the first year has been slow with retail wallet downloads amounting to 942,000 at end-November 2022—only 0.8 percent of active bank accounts. Also, the total number of eNaira retail transactions since the inception (around 802,000) is less than the number of eNaira wallets, which indicates that wallets are not actively used. The IMF report recommended that the eNaira be integrated into the existing mobile payment system to facilitate interoperability between mobile money operators, and optimize the last-mile delivery of social assistance. [Read more at the IMF]


Upcoming conferences, webinars and speaking engagements:

  • I’ll be providing a (probably virtual) update on global central bank digital currency (CBDC) developments at the Digital Euro Association Digital Euro Conference on March 31 in Frankfurt. [Register here]
  • I’ll be moderating a panel on “what happens when the lights go out…different schemes for offline functionality” at the in-person Digital Currency Conference (DCC) in Mexico City on May 18. [Register here]

Kiffmeister’s global central bank digital currency monthly monitor

Just a reminder that I produce a monthly digest of central bank digital currency (CBDC) developments exclusively for the official sector. So for any of you out there who work for a central bank, ministry of finance or international financial institution who would like to receive it by email on the first business day of every month, please DM me on LinkedIn or email me at

The Sovereign Official Digital Association (SODA) is a technology-agnostic firm offering advisory services at the intersection of central banking, digital finance and the web3 industry, aiming to make public digital money a reality. SODA believes institutions in the existing financial ecosystem should have access to the tools and resources they need to move from discussion to action. SODA offers ‘real life’ use cases to help test digital money and drive adoption as central banks and other public institutions explore the future of a more financially inclusive world powered by interoperable blockchain-based networks. SODA would love you to join us on this journey – please get in touch (

Satoshi Capital Advisors is a New York-based, global advisory firm that works with central banks, governments, and the private sector to architect, implement, and operate varying initiatives. Satoshi Capital Advisors’ central bank work revolves around CBDC architecture and implementation, providing advisory services from research phase through to growth phase. Utilizing a product-market fit and technology agnostic approach to CBDC architecture and implementation enables Satoshi Capital Advisors to build tailored solutions, bespoke to local financial system nuances. Satoshi Capital Advisors welcomes requests from central bank officials for virtual and in-person CBDC workshops. [Click here for more information]

WhisperCash offers the first fully offline digital currency platform that has the same properties as physical cash. It can perform secure consecutive offline payments without compromising on security, privacy or accessibility. WhisperCash allows direct person to person offline payments without any server infrastructure or internet connectivity. It comes in various form factors including the self-contained credit card-sized “Pro” that sports an eInk screen and capacitive keyboard, and lasts for two weeks between recharges assuming a few transactions per day. [Click here for more information]