Silvergate Capital has announced that it will be reducing its workforce significantly, leaving only a skeleton crew to manage the liquidation of its crypto-friendly bank. The company will be laying off 230 employees tomorrow, with additional layoffs to follow later in the year.

Silvergate Bank, the company's California-based lender, closed in March, and the remaining employees will help preserve the value associated with the company's remaining assets, respond to regulatory inquiries, and address investigations into the bank and its parent company.