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Silvergate Bank Now Has Nearly $20 Billion in Deposits Coming from the Digital Assets Industry
Summary: Silvergate posted another round of strong quarterly results on Tuesday. The firm nearly doubled pretax income compared to last quarter, according to CEO Alan Lane. "Our success continues to be driven by strong demand for our digital currency solutions powered by the Silvergate Exchange Network, or SEN," said Lane. Signature Bank also posted its earnings ...
Silvergate posted another round of strong quarterly results on Tuesday. The firm nearly doubled pretax income compared to last quarter, according to CEO Alan Lane.
"Our success continues to be driven by strong demand for our digital currency solutions powered by the Silvergate Exchange Network, or SEN," said Lane.
Signature Bank also posted its earnings on Tuesday, disclosing it now has nearly $20 billion in deposits coming from the digital assets industry. Crypto drove about 50% of its quarter-to-quarter growth. Silvergate's digital currency fee income rose 59% since last quarter to $11.3 million.
"But as Alan Lane mentioned, we are well-positioned to benefit from the growing use cases for stablecoins over time," said CFO Antonio Martino.
By Amy Liu
Tags: Bank,Crypto,Digital Assets,Silvergate
Link: Silvergate Bank Now Has Nearly $20 Billion in Deposits Coming from the Digital Assets Industry [Copy]
