Silvergate Bitcoin Services Gather Billions in Volume

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  • Silvergate’s cryptocurrency services have gathered increased traction over the past quarter.
  • With increases in net income, customer acquisition, leveraged commitments and deposits, Silvergate managed to combat a downturn of overall transactional volume.
  • Silvergate also announced the closure of its acquisition of Diem assets, the previous unsuccessful stablecoin project of Meta Platforms, formerly known as Facebook.

Silvergate Capital Corporation (NYSE: SI) saw customers deposit an average of $14.7 billion worth of bitcoin and cryptocurrency to the firm’s platform during the first quarter of this year, up from $13.3 billion during Q4 2021, the company said in its quarterly results report released Tuesday.

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