Thursday, March 28, 2024

Silvergate Capital Corporation

by Hideo Nakamura

Silvergate Capital Corporation is a publicly traded financial services company that provides banking and payment solutions for the digital currency industry. Headquartered in La Jolla, California, Silvergate offers its clients access to US dollar funding through an extensive network of correspondent banks worldwide, as well as high-speed foreign exchange capabilities.

Silvergate’s products are designed to enable customers to securely deposit digital assets with the bank and facilitate payments between cryptocurrency exchanges and other entities around the world. In addition, they offer liquidity management tools such as their SEN Leverage Loan program which allows customers to borrow USD against their crypto holdings at favorable interest rates.

In 2019, Silvergate launched its Initial Public Offering on the New York Stock Exchange (NYSE) under ticker symbol SI. The IPO was well received by investors who saw potential in Silvergate’s unique business model of providing banking services specifically tailored towards cryptocurrency companies which were often unable to obtain traditional banking services due to regulatory roadblocks or outright rejection from traditional banks. As of June 2020, Silvergate had over 500 institutional clients including some of the largest cryptocurrency exchanges in operation today such as Coinbase Global Inc., Kraken Financial LLC and Bittrex Global GmbH .

Since becoming a public company, Silvergate has continued expanding its suite of products catering both retail and institutional investors alike ranging from FDIC insured accounts for individuals up to specialised accounts for hedge funds investing in digital currencies . Their latest product launch – InstantSend – enables near instantaneous transfers across multiple blockchains by leveraging existing infrastructure already used by fiat money transfer systems like SWIFT/SEPA on behalf of their corporate clients allowing them easy access into cryptocurrencies markets without having to worry about technology complexities or significant development resources required when building their own bridging applications.

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