Tech News, Magazine & Review WordPress Theme 2017
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro
No Result
View All Result
The Daily Hodl
No Result
View All Result

Bitcoin Banking Giant Silvergate Announces Q1 Earnings: Transaction Activity Doubles With 850 Crypto Customers on Board

by Daily Hodl Staff
April 29, 2020
in Trading
‏‏‎ ‏‏‎ ‏‏‎ ‏‏‎

Silvergate Capital Corporation, a publicly traded company, and its wholly-owned subsidiary, Silvergate Bank, today announced financial results for the first quarter of 2020.

According to the report, Silvergate’s digital currency initiative reached new highs with an increase of 49 digital currency customers, bringing the total number to 850. The bank has gained 617 new clients year-over-year.

Throughout the quarter, Silvergate moved prospective digital currency customers through its pipeline as more institutions and businesses gained exposure to crypto assets such as Bitcoin and Ethereum, conducting crypto-related transactions, deposits and withdrawals.

There were 31,405 transactions on the Silvergate Exchange Network for the three months ending March 31, 2020. The global payments platform allows the bank’s digital currency and institutional investor clients to send US dollars 24 hours a day, 7 days a week, 365 days a year between their Silvergate accounts and the accounts of other clients.

Silvergate’s 24/7 approach has made it unique in the banking world, allowing its clients to leverage the on-demand, always-open crypto markets where transactions are continuous and go beyond both regular banking hours and the operating hours of traditional stock exchanges.

The strategy has allowed the bank to develop a thriving network, increasing SEN transactions during Q1 to $17.4 billion, up from $9.6 billion in the fourth quarter of 2019.

Alan Lane, president and chief executive officer of Silvergate, says the company has quickly become the leading provider of digital currency infrastructure through the development and growth of its global payments platform.

“Our first quarter results demonstrate our continued success expanding the SEN network as we grew our net customer count to 850 from 804, at year end, while maintaining a pipeline of more than 200 potential customers. Additionally, we experienced transaction growth in excess of 100% as a result of the increased volume of Bitcoin trades combined with the strong network effect of the SEN.”

With $2.3 billion in total assets, the California-based firm is one of the few US banks to serve crypto clients. It went public on the New York Stock Exchange in November of 2019.

Earlier reports indicate that the crypto-friendly bank has counted several industry leaders among its client base including crypto exchanges Coinbase, Gemini, Kraken, Bitstamp and Bittrex.

Lane says the bank is on track to expand its product offerings.



Check Latest News Headlines


Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Photographee.eu

Submit a Press Release

Crypto Livewire – Press Releases

  • QuiverX to Integrate Chainlink Proof of Reserve To Power Transparent, Decentralized Crowdfunding
    January 15, 2021
  • The Online Family Office and High Net Worth Blockchain Conference
    December 22, 2020
  • How Blockchain Empowers Wuhan’s Digital Economy Growth – World Blockchain Conference
    December 14, 2020
  • SnapEx Adds LINK, BNB and TRX Alongside Sign-Up Bonus on a Sleek New App
    December 11, 2020
  • What’s the Role of Bots in Crypto Trading?
    December 3, 2020
Submit a Guest Post
Bitcoin
$36,794.00
$36,794.00
3.22%
Ethereum
$1,275.80
$1,275.80
3.68%
XRP
$0.286459
$0.286459
3.46%
Litecoin
$152.37
$152.37
6.72%
Bitcoin Cash
$514.25
$514.25
7.12%

Spotlight

  • 21 Lawyers Gearing Up To Battle SEC’s Case Against Ripple and XRP
    January 14, 2021
  • IMF Urges Governments To Spend As Much Money As They Can To Support Sputtering Economies
    January 18, 2021
  • From Booze to Bitcoin: New York Bar Owner Set to Sell Businesses for Cryptocurrency
    January 11, 2021
  • Mayor Francis Suarez Pushing to Make Miami Most Crypto-Friendly City on Earth
    January 15, 2021

DON’T MISS A BEAT

Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options

By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.

Check your inbox for confirmation email.

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX • Explore • Futuremash •
Crypto Livewire

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2020 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro

© 2020 The Daily Hodl

We use cookies to give you the best online experience possible. Continue browsing if you are happy with that, or see how to manage cookies.