Stablecoin Growth Knocks Silvergate Exchange Network Volume Over $100B
All-time transaction volume on the Silvergate Exchange Network (SEN), a fiat pathway into bitcoin markets, has reached $100 billion.
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Silvergate Capital, an investment firm that is the parent company of the Silvergate Bank, acquired the technology and assets of Diem, the formerly Facebook-backed stablecoin payment system. The payment totaled $182 million. The technology and assets acquired will reportedly be used for the launch of a Silvergate branded stablecoin.
Silvergate Purchases Diem Operations
Silvergate Capital, a payments services company, has acquired Diem, a stablecoin payments system originally put in motion by Facebook (now Meta), to integrate it into its operations. The announcement was made on....
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,....
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,....
Meta has officially given up on its stablecoin project Diem after more than two years of efforts to launch the digital currency. Meta, formerly branded as Facebook, has officially announced the closure of its digital currency project Diem after years of major efforts to move forward with the initiative.Announcing the news on Monday, Diem CEO Stuart Levey confirmed that Meta is selling intellectual property and other assets related to the Diem stablecoin project to its Silvergate Capital Corporation.The Diem Association and its subsidiaries will start winding down operations “over the....
Binance.US has joined the Silvergate Exchange Network (SEN), a 24/7 instant settlement network operated by Silvergate Bank.