Silvergate Bank Sees 40% Increase in Deposits From Digital Currency Customers

Coindesk | Oct 26, 2020 at 2:39 PM
  • Silvergate Bank added $586 million in new deposits from firms and individuals in the cryptocurrency industry in the third quarter of 2020.
  • The cost of those deposits dropped from 0.37% down to 0.01% and the bank’s fee income for digital currency customers increased by nearly 40% to $3.3 million with more than 68,000 transactions on the Silvergate Exchange Network, a fiat on-ramp for bitcoin markets.
  • The bank also saw a $13 million increase in its bitcoin-backed fiat loans, called SEN Leverage, up to $35.5 million in the third quarter.