The Rise and Fall of Silvergate’s Crypto Business

Silvergate recognized the variety of digital-assets prospects it was working with every quarter, and that crowd steadily rose to 1,620 final quarter – most of these recognized as institutional buyers, although greater than 100 had been “digital asset exchanges.” Nonetheless, these crypto prospects’ deposits plummeted from nearly $12 billion within the third quarter final yr to lower than $4 billion by the tip of the yr.