Silvergate Bank reports higher number of crypto-focused investors

Posted 20 March, 2019

One of the American banks that provide services to cryptocurrency segment Silvergate Bank managed to increase the number of clients from the crypto market to some 542 users as of December 31 2018.

In the updated IPO data that was provided to the US Securities and Exchange Commission, the company stated that the total number of the crypto-oriented clients increased by 59 clients in the Q4 2018. Some of the clients were Genesis Trading, investment funds Kenetic and Polychain Capital.

For reference, the bank is actively servicing such crypto market players as cryptocurrency trading platforms and institutional investors focused on the crypto digital coins.

According to the available data, the new clients that came to Silvergate Bank included exchanges, investors and firms in different areas such as blockchain developers, crypto miners and service providers.

Along with good performance in the crypto segment, the bank posted some weakening in terms of the fiat assets over the period under review. As the report reads, the volume of fiat deposits held in the bank decreased to $1.47 billion as compared to $1.59 billion in the previous period. The bank's spokesperson stated that this recorded decline was related to lower deposits of stock exchange clients. 

Meanwhile, deposits coming from other clients amounted to $755.5 million ($4.8 million up) and $273.9 million ($46.4 million up). At the same time, the year-to-date figures showed that customers from the crypto sector raised deposits by $150.4 million (11.4% up) over 2018 even despite the collapse of the bitcoin price.

Speaking about the future outlook, the bank management is quite confident that traditional institutions will keep investing in cryptocurrencies.

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