Silvergate Bank holds crypto companies deposits’ worth $13,3 billion

Such data is contained in the financial institution’s fourth-quarter report

19.01.2022 - 08:55

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What’s new? Silvergate, a major US bank, has published a report for the last quarter of 2021 on its official website. During this period, the bank managed to attract worth $2,1 billion of deposits from cryptocurrency companies. The total amount of such deposits currently stands at around $13,3 billion.

News source on the bank’s website

What other data is contained in the report? The increase in the number of cryptocurrency companies in the bank’s client pool has led to a significant increase in revenue. In the fourth quarter of the last year, for example, Silvergate recorded a net profit of $9,3 million from operations with this type of client. In 2020, the figure for the same period was $3,8 million.

The number of the bank’s clients operating in the field of digital assets has also increased significantly. The total figure for the year was 1381, of which 76 companies joined Silvergate between October and December 2021.

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