Silvergate’s Bitcoin-Backed Lending Product Grew 80% in the Last Quarter
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.
The majority of the new deposits came from cryptocurrency exchange clients.
Binance.US has joined the Silvergate Exchange Network (SEN), a 24/7 instant settlement network operated by Silvergate Bank.
Signature's $10 billion in deposits from crypto businesses is now double that of rival Silvergate.
Silvergate Bank added $586 million in new deposits from firms and individuals in the cryptocurrency industry in the third quarter of 2020.
Silvergate Bank has pioneered financial services for crypto startups. But now it faces new rivals. Can it deepen its competitive moat?
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.