Silvergate

Silvergate Bank, formerly known as Silvergate Capital Corporation, was a California-based bank founded in 1988 and headquartered in La Jolla, San Diego.

Initially a community bank, it shifted its focus in 2013 to serve the digital currency industry, becoming the first U.S. bank to offer specialized banking services for digital asset businesses. The bank conducted an IPO in 2019 and saw significant growth, reaching a market capitalization of nearly $5.7 billion by late 2021. Silvergate's core offerings included the Silvergate Exchange Network (SEN), which allowed institutional clients to settle large cryptocurrency transactions instantly. The bank provided various financial services, including digital currency banking, traditional banking services, and a range of deposit products. It primarily served institutional clients in the cryptocurrency ecosystem, including exchanges, hedge funds, and fintech companies. As of 2023, Silvergate had over 1,600 digital currency customers. However, the bank announced a voluntary winding down in 2023 and entered Chapter 11 bankruptcy in September 2024.