Silvergate

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Silvergate
Silvergate.jpg
Founded 1988, cryptocurrencies since 2013
Headquarters LaJolla, California
Key People Alan Lane, CEO; Derek Eisele, Vice Chairman of the Board; Antonio Martino, CFO; Kathleen Fraher, EVP and COO
Employees 300
Products Commercial banking including cryptocurrencies
Twitter @silvergatebank
LinkedIn Profile
Website Home Page

Silvergate Bank is a fully owned subsidiary of Silvergate Capital Corporation, which after going public in November 2019 is traded on the New York Stock Exchange.

Overview

Founded in 1988, the bank is member of the Federal Reserve System. It provides commercial lending, commercial banking and Fintech banking. The bank launched what it calls its digital currency initiative in 2013.

Silvergate Bank offers its cryptocurrency customers the "Silvergate Exchange Network" which permits its customers to settle U.S. dollar transactions 24/7.[1]

The bank reported that, despite adding 48 new cryptocurrency clients during the fourth quarter of 2019, it experienced a 55% decline in earnings for the quarter.[2]

In July 2020, Silvergate added ErisX to its Silvergate Exchange Network (SEN), allowing its ErisX and clearing members to make deposits and withdrawals in USD from Silvergate accounts with no fees between 7 AM and 7 PM CST.[3][4]

References