Silvergate Bank is a full-service bank based in San Diego, California. It offers banking services to individuals, businesses and institutions with a focus on the digital currency industry. Silvergate Bank was founded in 2013 and holds licenses from both state and federal regulators such as the FDIC.
The primary service offered by Silvergate Bank is its “Digital Currency Exchange Network” (DCEN), which allows customers to transfer funds using digital currencies like Bitcoin, Ethereum and Litecoin among other cryptocurrencies. This network provides customers with an easy way to move money between exchanges without having to use traditional banking methods or wire transfers. In addition, users can also purchase cryptocurrency through this platform directly from their accounts at Silvergate Bank.
Silvergate Bank also offers traditional banking services such as checking accounts, savings accounts, loans and lines of credit for those who do not wish to utilize its DCEN platform or any of its other cryptocurrency related features. As well as providing general financial services including debit cards and online bill pay options for those who prefer more traditional routes of managing their finances.
Finally, Silvergate Bank has been certified as a Money Services Business (MSB) by FinCEN (Financial Crimes Enforcement Network). This certification allows it to provide Banking-as-a-Service solutions that are compliant with all applicable laws and regulations regarding virtual currencies while ensuring customer protection against fraud or theft associated with these activities..
