Silvergate Bank
Basics
- 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."
Tech
- Will use (19-2-2020):
Usage
Pros and Cons
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."
