Silvergate Bank received $586 million cryptocurrency deposits in the III quarter 2020 of the year

To Silvergate Bank accounts, working with cryptocurrency companies, for the III quarter 2020 The year has arrived $586 Milln in cryptoactives. The total volume of deposits has reached $2.1 billion.

Among customers Silvergate 928 companies, working in the field of cryptocurrencies and blockchain. For the III quarter 2020 They are years old They brought the bank $3.3 Million income. In the previous quarter, this indicator was $2.4 million, And in the III quarter 2019 There was a profit year $1.6 million. At the same time, the bank does not provide castodial services.

“Silvergate Bank infrastructure has provided the foundation for, to succeed in a really digital world. And we see many opportunities for further growth and expansion ", - emphasized the general director of Silvergate Alan Lain (Alan Lane).

One of the factors in an increase in profit was the popularity of the exchange service Silvergate Exchange Network (SEN). It allows companies to quickly buy cryptocurrencies and use them for arbitration trade. Over the entire existence of the product, transactions were processed in the amount of more $100 billion, At the same time, for the III quarter 2020 This indicator was $36 billion.

The SEN LEVERAGE product continues to develop for lending to cryptocurrency companies. Clients can receive loans in US dollars, by providing bitcoins to ensure. In the III quarter 2020 year the bank issued loans in the amount $35.5 million.

In May of this year, Silvergate Bank reported
On an increase in the volume of operations with bitcoin in the first quarter 2020 years on 75% To the previous quarter.

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