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

Silvergate Bank, a major financial institution partnered with crypto exchanges ranging from Kraken to Coinbase, recently cut ties with Binance.  Earlier this Wednesday, Binance sent an email to its users stating that the platform would no longer support deposits and withdrawals via Silvergate Bank over SWIFT starting this Friday. As of now, Binance’s USD bank wire […]

The majority of the new deposits came from cryptocurrency exchange clients.

Signature's $10 billion in deposits from crypto businesses is now double that of rival Silvergate.

The bank facilitated $142 billion worth of transfers between crypto exchanges and financial institutions in Q1. On Tuesday, Silvergate Bank, a crypto-fiat gateway network designed for financial institutions, announced its results for the first quarter of 2022. During this period, its revenue and net income grew by 93% and 94% year-over-year, respectively, to $59.9 million and $24.7 million. The company is most notable for its Silvergate Exchange Network, or SEN, which facilitates U.S. dollar and euro transfers between cryptocurrency exchanges and institutional investors.Despite its growth,....

Shares tumbled over 20% on the NASDAQ exchange on the weaker-than-expected earnings. On Oct. 18, Silvergate Capital, a crypto-fiat gateway network designed for financial institutions, announced its financial results for Q3 2022.The bank, known for services such as processing consumer fiat deposits to cryptocurrency exchanges, saw thetransfer volume on the Silvergate Exchange Network plummet close to $50 billion compared to Q3 2021. Silvergate handled $112.6 billion of such transfers in Q3 2022. It appears that investors were less than satisfied with the results. Silvergate's share price,....