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Silvergate Bank Sees 40% Increase in Deposits From Digital Currency Customers

Silvergate Bank added $586 million in new deposits from firms and individuals in the cryptocurrency industry in the third quarter of 2020, according to an earnings report released before market-open on Monday.The cost of those deposits dropped from 0.37% down to 0.01% and the bank’s fee income for digital currency

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Stablecoin Growth Knocks Silvergate Exchange Network Volume Over $100B

All-time transaction volume on the Silvergate Exchange Network (SEN) has reached $100 billion, with SEN transactions correlated to bitcoin and stablecoin trading.The La Jolla, Calif.-based Silvergate Bank has seen a significant adoption of the payments platform, which is open 24/7 to offer fiat on-ramps for the crypto markets. For full

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New Settlement Layer to Offer Asian Crypto Institutions Local Alternative to Silvergate Bank

Legacy Trust's digital asset division has plans to create the first settlement layer in Asia for institutional investors trading both fiat and cryptocurrencies.First Digital Trust (FDT) announced Friday that its new rapid settlement and clearing network (RSCN) will provide custodian clients, including some of Asia's most prominent over-the-counter desks and

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Few Banks Will Touch Crypto Firms, but Silvergate Wants to Touch Bitcoin Itself

Silvergate Bank is venturing even further into a field where few financial institutions dare to tiptoe.The La Jolla, Calif., lender made a name for itself providing hard-to-come-by U.S.-dollar banking services for businesses that deal in cryptocurrency. But now Silvergate wants to handle digital assets themselves.While the bank has no such

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Kraken, One of Oldest Bitcoin Exchanges, Joins Silvergate Exchange Network

Kraken, one of the largest and oldest Bitcoin (BTC) exchanges in the world, has joined the Silvergate Exchange Network (SEN). By joining SEN, the United States-based cryptocurrency exchange enables its clients to deposit and withdraw U.S. dollars from Silvergate accounts with no fees, the firm announced Nov. 27.According to

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Pro-Crypto Silvergate Bank Goes Public in Listing on NYSE

Shares of pro-crypto Silvergate Bank were launched for trading on the New York Stock Exchange (NYSE) on Nov. 7.Silvergate celebrates IPO daySilvergate Capital (NYSE:SI), a California-based commercial bank focused on digital currency businesses, is now officially listed on the NYSE, opening at $12.75, the NYSE tweeted Nov. 7.In conjunction

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Gemini Joins Silvergate Exchange Network for 24/7 Fiat Money Transfers

Gemini, the cryptocurrency exchange founded by the Winklevoss twins, is joining crypto-friendly bank Silvergate’s Silvergate Exchange Network (SEN) to speed fiat transfers.Real-time fiat money transfersGemini announced the move in an official blog post on Aug. 27. According to the announcement, the main benefit of the exchange’s partnership with Silvergate

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