What is Silvergate capital?

Silvergate Capital (“Silvergate”) is the parent company of Silvergate Bank, the leading provider of innovative financial infrastructure solutions and services to participants in the digital asset industry. Silvergate is a California state-chartered bank, headquartered in San Diego.

Is Silvergate 'all-in' on crypto?

But arguably no bank is as “all-in” on crypto as Silvergate. CNN Business spoke to Silvergate CEO Alan Lane about the bank’s bitcoin business and what he predicts next for the world of crypto . Silvergate decided to venture into cryptocurrencies after Lane personally invested in bitcoin for the first time in 2013, he said.

How did Silvergate perform in the second quarter?

In the second quarter, Silvergate generated $0.80 in earnings per share, up 45% from the previous quarter. The price of bitcoin dropped significantly during the quarter. While the bank operates in the crypto space, it has solid fundamentals that can perform well without the price of bitcoin surging.

What is Silvergate's exchange network?

Silvergate currently has about $5 billion in crypto-backed deposits. But the bank’s biggest selling point for customers is its Silvergate Exchange Network (SEN), which lets clients transfer dollars to digital currency exchanges at any time. “There is a lot of friction in banking. Wire transfers can be time consuming,” Lane said.