Silvergate suspends crypto payments network; shares fall after-hours

FILE PHOTO: A representation of bitcoin is seen in an illustration picture taken on June 23, 2017. REUTERS/Benoit Tessier/File Photo

(Reuters) - Silvergate Capital Corp said on Friday it made a "risk-based decision" to discontinue the Silvergate Exchange Network, its crypto payments network, two days after the digital asset-focused bank raised doubts about its viability.

"Effective immediately Silvergate Bank has made a risk-based decision to discontinue the Silvergate Exchange Network (SEN). All other deposit-related services remain operational," Silvergate said in a statement posted on its website.