It turns out burn reduction at startups is more aspiration than reality

It’s not every day that banking news is the big story in the startup world, but here we are. Yesterday the previously crypto-friendly Silvergate Bank announced that it would “wind down operations and voluntarily liquidate” itself.
The company’s stock had been under massive pressure in recent months, exacerbated by a note from the bank on March 1 that its earnings data would be delayed due to possible internal controls issues. It was also under regulatory inquiry.
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