The services of the California-based Silvergate Bank at the end of 2018 were used by 542 client-related cryptocurrencies, including stock exchanges, miners, developers of blockchain protocols, asset custodians and investors. It is reported by CoinDesk , referring to the company's statements filed with the US Securities and Exchange Commission (SEC).
According to the document, in the fourth quarter of 2018, the bank attracted 59 client-oriented cryptocurrency clients, including market maker Genesis Trading and investment funds Kenetic and Polychain Capital.
At the same time, by the end of the quarter, the volume of fiat assets of customers decreased from $ 1.59 billion to $ 1.47 billion. The bank explained this by a fall in deposits of exchange customers. At the same time, deposits of cryptoinvestors and other start-ups increased – their total volume amounted to $ 577.5 million and $ 273.9 million, respectively.
"In 2018, the volume of deposits related to cryptocurrency customers Silvergate increased by $ 150.4 million, or approximately 11.4%," – the document says.
The bank also expressed confidence that traditional financial institutions will continue to invest in digital assets.
"From December 31, 2013, $ 8.3 billion was invested in projects related to digital currencies. From June 30, 2017 to June 30, 2018, the cryptocurrency market attracted about $ 1.3 billion in venture capital financing," the company writes, noting that figures are not including investments in ICO projects ..
Recall, according to the data for November 2018, Silvergate Bank serviced 483 “cryptocurrency clients”, who, according to the results of the third quarter, kept funds in the financial institution in the amount of $ 1.7 billion .
In February 2018, Silvergate Capital, the parent company of Silvergate Bank, attracted $ 114 million in investment , including from renowned industry representatives such as the Digital Currency Group.
Subscribe to BlockchainJournal on Facebook !
BlockchainJournal.news
BlockchainJournal.news
