Crypto-supportive Silvergate Bank has signed on a slew of new in the fourth quarter on 2018, according to a recent with the Securities and Exchange Commission ().
The filing reveals that as of Dec. 31, 2018, Silvergate had 542 digital currency-related clients including and , custodians and global investors, among others. This marks an increase of 59 crypto-related since a in September 2018.
By Dec. 31, 232 were purportedly in various stages of the bank’s customer onboarding process, including regulatory compliance.
The bank further says that it believes that acceptance of digital currency by traditional financial institutions will continue to grow, highlighting the following data:
“Currently, there are over 300 institutional investment funds with aggregate estimated assets under management of between approximately $7.5 billion to $10 billion. Over $8.3 billion has been invested in digital currency-related projects, excluding funding, since December 31, 2013. Approximately $1.3 billion in venture funding was raised in the digital currency and market in the 12 months ended June 30, 2018, which is the most recent date such information is available.”
Per the document, in the fourth quarter of 2018 the bank saw two exchanges, 33 companies, and 24 investors among its new clients, including software developers, miners, and service providers.
Throughout the whole year, Silvergate’s deposits derived from reportedly increased by $150.4 million, or around 11.4 percent. Digital currency investors’ deposits saw a growth by $4.8 million to $577.5 million, while other startups’ balances increased by $46.4 million, reaching $273.9 million.
Last February, the Digital Currency Group (DCG), a venture capital firm, that they had invested in the Silvergate Capital Corporation, which contains the Silvergate Bank. As the Corporation later revealed on its website:
“Proceeds from this placement will support further growth in the Bank’s nationwide deposit initiative and its business banking and residential lending activities.”
Published at Wed, 20 Mar 2019 01:06:23 +0000
