Crypto.com and Silvergate enable institutions to buy and sell crypto with USD
Silvergate is a major crypto bank known for assisting the launch of El Salvador’s crypto wallet Chivo. Major cryptocurrency exchange Crypto.com continues expanding its crypto on-ramp and off-ramp solutions with a new partnership with the California state-chartered bank Silvergate.Crypto.com announced on Nov. 30 that it is working with Silvergate to allow institutional clients to deposit and withdraw from the exchange using the U.S. dollar (USD).According to the announcement, bank transfers to and from the Crypto.com exchange are now available for institutional investors. With the help of....
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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,....
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....
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 […]
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,....
Silvergate Bank has pioneered financial services for crypto startups. But now it faces new rivals. Can it deepen its competitive moat?