Difference between revisions of "Silvergate Bank"
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== Basics == | == Basics == | ||
* Based in California | * Got '''shut down''' by the US Government and caused a USDC depeg afterwards (3-2023). | ||
*Based in California | |||
* From [[Forbes]] [https://www.forbes.com/sites/michaeldelcastillo/2020/02/19/blockchain-50/#5c8424e67553 Blockchain 50] (19-2-2020): | * From [[Forbes]] [https://www.forbes.com/sites/michaeldelcastillo/2020/02/19/blockchain-50/#5c8424e67553 Blockchain 50] (19-2-2020): | ||
''"In January 2014, Silvergate became one of the first banks willing to open accounts for cryptocurrency exchanges. Since then, the bank has grown to serve 750 cryptocurrency exchanges, including [[Bitstamp]], [[Coinbase (Company)|Coinbase]], [[Kraken]] and [[Gemini]] and institutional cryptocurrency investors like [[Block Town]], [[Polychain]] and [[Figure]]. In 2017 Silvergate launched its proprietary exchange network that lets investors move funds to cryptocurrency exchanges around the world, 24 hours a day, seven days a week. Dubbed the Silvergate Exchange Network, it is currently built using a traditional centralized database, meaning only Silvergate can use it, but a [[blockchain]] version leveraging shared databases is currently in the works."'' | ''"In January 2014, Silvergate became one of the first banks willing to open accounts for cryptocurrency exchanges. Since then, the bank has grown to serve 750 cryptocurrency exchanges, including [[Bitstamp]], [[Coinbase (Company)|Coinbase]], [[Kraken]] and [[Gemini]] and institutional cryptocurrency investors like [[Block Town]], [[Polychain]] and [[Figure]]. In 2017 Silvergate launched its proprietary exchange network that lets investors move funds to cryptocurrency exchanges around the world, 24 hours a day, seven days a week. Dubbed the Silvergate Exchange Network, it is currently built using a traditional centralized database, meaning only Silvergate can use it, but a [[blockchain]] version leveraging shared databases is currently in the works."'' | ||
== Team, Funding, Partners == | |||
== Team, | |||
=== Team === | === Team === | ||
* Key Executive: Alan Lane; CEO | * Owned by Silvergate Capital Corporation | ||
*Key Executive: Alan Lane; CEO | |||
*[https://decrypt.co/118483/silvergate-stock-down-40-following-diem-write-off-job-cuts From] [[Decrypt (DCPT)|Decrypt]] (5-1-2023): | *[https://decrypt.co/118483/silvergate-stock-down-40-following-diem-write-off-job-cuts From] [[Decrypt (DCPT)|Decrypt]] (5-1-2023): | ||
''"Silvergate Capital will cut 40% of its workforce and abandon some projects—including a blockchain-based payment solution based on Meta’s abortive Diem project. Following the collapse of [[FTX (FTT)|FTX]] and the resulting domino effect of failures across the crypto ecosystem, Silvergate said $150 million of its deposits were from customers that have filed for bankruptcy."'' | ''"Silvergate Capital will cut 40% of its workforce and abandon some projects—including a blockchain-based payment solution based on Meta’s abortive Diem project. Following the collapse of [[FTX (FTT)|FTX]] and the resulting domino effect of failures across the crypto ecosystem, Silvergate said $150 million of its deposits were from customers that have filed for bankruptcy."'' | ||
=== | === Funding === | ||
* [https://news.bitcoin.com/silvergate-capital-incurs-loss-of-1-billion-in-q4-of-2022/ From] [[Bitcoin.com]] (20-1-2023): | |||
''"Silvergate said the group incurred a Q4 net loss of $1.0 billion or a $33.16 loss per common share. The Q4 performance is in contrast to the net income of $40.6 million, or $1.28 per diluted share realized in Q3 of 2022."'' | |||
=== Partners === | === Partners === | ||
[[Category:Bank]] | [[Category:Bank]] | ||
Latest revision as of 05:23, 19 March 2023
Basics
- Got shut down by the US Government and caused a USDC depeg afterwards (3-2023).
- Based in California
- From Forbes Blockchain 50 (19-2-2020):
"In January 2014, Silvergate became one of the first banks willing to open accounts for cryptocurrency exchanges. Since then, the bank has grown to serve 750 cryptocurrency exchanges, including Bitstamp, Coinbase, Kraken and Gemini and institutional cryptocurrency investors like Block Town, Polychain and Figure. In 2017 Silvergate launched its proprietary exchange network that lets investors move funds to cryptocurrency exchanges around the world, 24 hours a day, seven days a week. Dubbed the Silvergate Exchange Network, it is currently built using a traditional centralized database, meaning only Silvergate can use it, but a blockchain version leveraging shared databases is currently in the works."
Team, Funding, Partners
Team
"Silvergate Capital will cut 40% of its workforce and abandon some projects—including a blockchain-based payment solution based on Meta’s abortive Diem project. Following the collapse of FTX and the resulting domino effect of failures across the crypto ecosystem, Silvergate said $150 million of its deposits were from customers that have filed for bankruptcy."
Funding
- From Bitcoin.com (20-1-2023):
"Silvergate said the group incurred a Q4 net loss of $1.0 billion or a $33.16 loss per common share. The Q4 performance is in contrast to the net income of $40.6 million, or $1.28 per diluted share realized in Q3 of 2022."
