The US crypto industry has a new favorite banking partner, a small Pennsylvania-based called Customers Bank. According to a Bloomberg article citing sources familiar with the matter, the bank is partnered with hundreds of crypto companies, with a wave of new clients coming in after the collapse of crypto-friendly banks Silvergate Capital and Signature Bank…
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Recent data shows that Silvergate Bank, a crypto-friendly financial institution, has become the most shorted stock in the United States, according to the Financial Industry Regulatory Authority. On Tuesday, Silvergate’s stock saw a rise after it was discovered that Citadel Securities holds a 5.5% stake in the bank, according to a Schedule 13G filing with…
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Silvergate Capital Corporation, the parent firm of the crypto-focused bank Silvergate Bank, has attributed the $1 billion loss it incurred in the fourth quarter of 2022 to the confidence crisis that permeates the entire crypto ecosystem. While Silvergate has taken steps to help it navigate the current environment, according to the CEO Alan Lane, the…
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The price of the crypto-focused bank Silvergate Capital’s shares fell by over 40% after it reported a more than $8 billion drop in customer deposits. The share price plunge came just days after U.S. prosecutors reportedly seized collapsed crypto exchange FTX’s accounts held at the bank. Alan Lane, the CEO of Silvergate, denied allegations that…
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Shares tumbled over 20% on the NASDAQ exchange on the weaker-than-expected earnings. On Oct. 18, Silvergate Capital, a crypto-fiat gateway network designed for financial institutions, announced its financial results for Q3 2022. The bank, known for services such as processing consumer fiat deposits to cryptocurrency exchanges, saw the transfer volume on the Silvergate Exchange Network…
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Silvergate Capital, an investment firm that is the parent company of the Silvergate Bank, acquired the technology and assets of Diem, the formerly Facebook-backed stablecoin payment system. The payment totaled $182 million. The technology and assets acquired will reportedly be used for the launch of a Silvergate branded stablecoin.
Silvergate Purchases Diem Operations
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