Few banks will touch crypto firms, but Silvergate wants to touch Bitcoin itself
Silvergate made a name for itself providing banking to cryptocurrency businesses. However, it’s ambitions reach further than just providing traditional financial services to such clients. Not only did Silvergate make its first “pure” crypto hire with a former Blockstream Liquid executive, but it also recently launched its crypto-collateralized loan initiative and applied for a New York trust company license with the aim of providing custody and settlement for crypto.
Why it matters:
- While generally flying under the radar, Silvergate is one of the most systemically important companies in the crypto, banking a large portion of the industry.
- Since November, Silvergate is a publicly traded company, giving investors significant insights into what the bank is up to.
- With its latest initiatives, Silvergate seems poised to become a more expansive crypto bank than originally expected, bridging the gap between traditional and crypto native financial services.
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