Silvergate: the bank driving the cryptocurrency boom from a small local lender
Join Our Telegram channel to stay up to date on breaking news coverage According to a quote by Sam Bankman-Fried that was posted on the website of the San Diego bank he used to transfer client funds to his digital asset exchange FTX, “life as a crypto firm can be divided up into before Silvergate and after Silvergate.” Life as a crypto firm can be divided up into before Silvergate and after Silvergate. It’s hard to overstate how much it revolutionised banking for blockchain companies –SBF It was highly improbable that Silvergate would end up being the bank responsible for the $40 billion cryptocurrency exchange that filed for bankruptcy last month. With three locations in southern California and less than $1 billion in assets, it operated as a small community lender for the majority of its 30-year history, specializing in financing small real estate deals. But by 2019, 1,600 of the top cryptocurrency miners, exchanges, and custodians in the world were u...