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Silvergate Bank Gains 59 New Crypto Clients for Year Ending 2018

By Tracy Hannes | March 21, 2019
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Silvergate Bank Gains 59 New Crypto Clients for Year Ending 2018

According to a recent filing with the United States Securities and Exchange Commission (SEC), US-based Silvergate Bank has added numerous new crypto customers in the fourth quarter of 2018.

The filing reveals that as of Dec 31 last year, Silvergate has gained 59 more crypto customers from their September filing. Now the bank has 542 crypto-related partners, including cryptocurrency exchanges and miners, custodians and global investors.

The filing also revealed that throughout 2018, deposits from Silvergate Bank crypto customers showed an increase of $150.4 million, or around 11.4%. Crypto investors’ deposits grew by $4.8 million to a total grant of $577.5 million, while other startups’ balances increased by $46.4 million, to $273.9 million.

Furthermore, the bank showed a positive future for adoption in digital currency by traditional financial institution, highlighted in the following document:

“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 initial coin offering funding, since December 31, 2013.  Approximately $1.3 billion in venture funding was raised in the digital currency and blockchain market in the 12 months ended June 30, 2018, which is the most recent date such information is available.”

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