Institutional Trading House ErisX Joins Silvergate Exchange Network
ErisX, a crypto exchange for institutional investors, has joined the payments network of bitcoin-friendly Silvergate Bank.
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.
The custodian began offering cash loans collateralized by bitcoin last December but is now adding Silvergate customers to the mix.
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.
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.