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Report: Crypto friendly bank Silvergate signed up 59 crypto customers in Q4 2018


Per a recent filing with United States and Exchange Commission (SEC), Silvergate bank has signed a new bunch of customers in the fourth quarter of 2018. As of Dec 2018, the bank had 542 crypto clients. These include  cryptocurrency exchanges and miners, custodians and global investors.  

Marking an increase of 59-customers since a previous filing as of September 2018. Presently there are over 300 institutional investment funds with aggregate estimated assets under management of between approximately $7.5 billion to $10 billion. 

Also, 232 customers were reportedly at various other stages of onboarding process, which includes regulatory compliance. Also, over $8.3 billion has till date have been invested in digital currency-related projects. Moreover, this doesn’t include initial coin offering funding, since December 31, 2013.

A look at the Yearly Statistics 

Furthermore,close to $1.3 billion in venture funding was raised in the digital currency and blockchain market in the 12 months ended June 30, 2018, 

The document also mentions that in the fourth quarter of 2018, two exchanges, 33 companies, and 24 investors among its new clients, including software developers, cryptocurrency miners, and service providers, joined Silvergate’s ecosystem. 

Last February, the Digital Currency Group invested in the Silvergate Capital Corporation, which contains the Silvergate Bank. The corporation letter said, 

“Proceeds from this placement will support further growth in the Bank's nationwide fintech deposit initiative and its business banking and residential lending activities.”

The yearly deposits of Silvergate’s deposits derived from cryptocurrency customers reportedly increased by $150.4 million, approximately 11.4 percent. Also, Digital currency investors’ deposits saw a staggering growth by $4.8 million to $577.5 million. On the other hand other startups’ balances increased by $46.4 million, reaching $273.9 million.

According to a 2016 report, Silvergate opened its sixteenth Bitcoin account, on which CEO Alan Lane said, 

“If other banks are shying away from this, it probably wouldn’t be that difficult to generate business if they could create a compliance process that worked.”

About Silvergate Bank 

Silvergate is headquartered in San Diego as a California state-chartered bank, At present, the bank has 400+ digital currency and fintech customers. The company also provides business banking products and services. Additionally, it offers business loans, including business lines of credit, asset based line of credit, business term loans, small business loans, and standby letters of credit; commercial real estate loans; government assisted loans. These include checking, savings, and money market accounts, as well as certificates of deposit.