Crypto-supportive Silvergate Bank has signed on a slew of latest cryptocurrency customers within the fourth quarter on 2018, as per a recent filing with the U. S. Securities and Exchange Commission (SEC).
The filing reveals that as of Dec. 31, 2018, Silvergate had 542 digital currency-related clients together with cryptocurrency exchanges and miners, custodians and international investors, among others. This marks a rise of fifty nine crypto-related customers since a previous filing in Sept 2018.
By Dec. 31, 232 cryptocurrency clients were supposedly in varied stages of the bank’s customer onboarding method, together with regulative compliance.
The bank additional says that it believes that acceptance of digital currency by traditional monetary establishments will still grow, highlighting the subsequent data:
“Currently, there are over three hundred 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 giving funding, since December 31, 2013. About $1.3 billion in venture funding was raised within the digital currency and blockchain market in the twelve months terminated June 30, 2018, that is that the most recent date such info is accessible.”
Per the document, within the fourth quarter of 2018 the bank saw 2 exchanges, 33 firms, and 24 investors among its new purchasers, together with software system developers, cryptocurrency miners, and repair suppliers.
Throughout the entire year, Silvergate’s deposits derived from cryptocurrency customers 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, whereas different startups’ balances increased by $46.4 million, reaching $273.9 million.
February 2018, a cryptocurrency venture capital firm, the Digital Currency group (DCG), declared that that they had invested within the Silvergate Capital Corporation, that contains the Silvergate Bank. Because the Corporation later discovered on its website:
“Proceeds from this placement can support additional growth within the Bank's nationwide fintech deposit initiative and its business banking and residential lending activities.”
To know more on Cryptocurrency and Blockchain events, follow us on Facebook, YouTube, Twitter, LinkedIn, Reddit, Telegram, BitcoinTalk, and we are also on Medium now
