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Silvergate Announces Record $586 Million In Cryptocurrency Deposits
Summary: Silvergate bank announced a record $586 million in cryptocurrency deposits in the third quarter of 2020 during an investor call this morning, as reported by Forbes. The bank's total cryptocurrency assets now stand at $2.1 billion as of September 30, 2020 compared with $1.5 billion as of June 30, 2020. Silvergate was one of the ...
Silvergate bank announced a record $586 million in cryptocurrency deposits in the third quarter of 2020 during an investor call this morning, as reported by Forbes.
The bank's total cryptocurrency assets now stand at $2.1 billion as of September 30, 2020 compared with $1.5 billion as of June 30, 2020. Silvergate was one of the first banks to allow Bitcoin companies to open bank accounts.
928 digital currency customers generated $3.3 million revenue for the bank this quarter versus $2.4 million generated in the second quarter of 2020 and $1.6 million for the third quarter of 2019. The generation of revenue illustrates how institutions have the ability to generate revenue by custodying crypto assets.
By Emily Mason
Tags: Bitcoin,BTC,Crypto Assets,Crypto Custody,Silvergate
Link: Silvergate Announces Record $586 Million In Cryptocurrency Deposits [Copy]
