August 20, 2019, 7:47PM EDT
• 5 min read

Silvergate Bank 2Q19 Update: Crypto-related deposits grow by 11%; SEN usage increases dramatically

Quick Take

  • Deposits from digital currency companies increased by 11% from last quarter to $1.5 billion
  • This was caused by a 6% increase in its crypto-related customer base coupled with elevated deposit balances from exchanges and crypto funds
  • SEN trading volume experienced substantial growth to $8.6 billion for 2Q19, more than doubling the volume of the previous quarter
  • Excluding the gain on sale of a branch, net income declined 7% sequentially due to a less favorable rate environment

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