This Under-the-Radar Crypto Bank Is Skyrocketing

this under the radar crypto bank is skyrocketing

Sumary of This Under-the-Radar Crypto Bank Is Skyrocketing:

  • Back in 2013, Silvergate Capital (NYSE:SI) became interested in the rise of cryptocurrencies and sought to acquire the major trading exchanges as banking clients.
  • The bank created the Silvergate Exchange Network to allow the crypto exchanges and their institutional clients to move dollars 24/7. The bank is now almost entirely focused on serving the crypto industry.
  • It has 93 crypto exchanges as banking clients, along with 771 institutional investors.
  • On this episode of The Five, Motley Fool contributors Jason Hall and Taylor Carmichael and analyst Auri Hughes talk about their favorite fintech stocks.
  • 31. {%sfr%) Jason Hall: I’m really interested in hearing about the company you want to talk about here.
  • Management decided “We want to get the trading exchanges as banking clients,” and they wanted to solve problems for the crypto exchanges.
  • What they do is hold the dollars, and all these traders park dollars at Silvergate so they can move the dollars back and forth.
  • They do the trade on Coinbase or whatever exchange, and the dollars change accounts at Silvergate.

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