The majority of the bank’s new deposits came from cryptocurrency exchange clients.
The custodian began offering cash loans collateralized by bitcoin last December but is now adding Silvergate customers to the mix.
Binance.US has joined the Silvergate Exchange Network (SEN), a 24/7 instant settlement network operated by Silvergate Bank.
Silvergate Bank added $586 million in new deposits from firms and individuals in the cryptocurrency industry in the third quarter of 2020.
All-time transaction volume on the Silvergate Exchange Network (SEN), a fiat pathway into bitcoin markets, has reached $100 billion.
Silvergate Bank continued to add a steady drip of crypto customers in Q2 2020 but its issuance of bitcoin-collateralized loans is what stood out.
ErisX, a crypto exchange for institutional investors, has joined the payments network of bitcoin-friendly Silvergate Bank.
Silvergate Bank added 46 crypto customers in the first quarter and saw fee income and deposits increase from those customers because of “Black Thursday,” according to its earnings report released before market open on Wednesday.
Crypto-friendly Silvergate Bank resolved the last of its wire transfer issues Tuesday morning, said CEO Alan Lane.
Silvergate made its name providing fiat banking services for crypto businesses. Now, CEO Alan Lane wants the bank to handle digital assets themselves.
The La Jolla, Calif.-based bank, which went public on the New York Stock Exchange under the trading symbol SI in November, released its earnings report before market open on Wednesday.
Benjamin Richman, formerly director of business development and partnerships at Blockstream, will help the crypto-friendly bank pursue its ambitious goals for serving the crypto industry.
The Silvergate Exchange Network provides a frictionless way to transfer U.S. dollars "around the clock."