"Crypto bank" Silvergate files for $50M IPO citing 500 crypto-startup clients

posted 24 days ago
California-based parent of Silvergate Bank detailed its relationships with the crypto industry as part of its IPO filing with the SEC, in its bid to go public & raise $50M. Naming itself “The Banking Platform for Innovators” in its prospectus, filed with the SEC this week, Silvergate Capital disclosed that the bank now serves 483 crypto clients, with a combined $1.7 billion in non-interest-bearing deposits as of Q3 2018. The number of clients is up from 114 on Sept. 30, 2017, marking an increase of 323%.

Its primary customers are crypto exchanges, institutional investors such as VC's, hedge funds, miners & other firms including new protocol developers. They developed a crypto infrastructure, called Silvergate Exchange Network – a network of digital currency exchanges & investors that allows “the efficient movement of US dollars between participating digital currency exchanges & investors” 24/7. For its IPO, the bank is seeking to raise $50 million & aims to list on the NYSE under SI. Silvergate announced “We intend to continue focusing on our digital currency initiative as the core of our future strategy & direction.”
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