About the brand ❤️
Silvergate Bank was an American commercial bank based in La Jolla, California, known for its role as a financial services provider to cryptocurrency companies and digital asset investors. Founded in 1988 and reorganized as a bank in 1996, it initially operated as a traditional regional lender before pivoting in the mid‑2010s toward serving the emerging digital currency industry. Silvergate gained prominence with its Silvergate Exchange Network (SEN), a real‑time payments platform that enabled institutional clients and exchanges to transfer U.S. dollars and euros around the clock, attracting major crypto firms. The bank went public in 2019 and experienced rapid growth in deposits and market attention as crypto markets expanded. However, following turmoil in the cryptocurrency sector, including the collapse of major exchanges and falling digital asset prices, Silvergate faced severe liquidity pressures. In March 2023, the bank’s holding company announced a voluntary wind‑down and liquidation of Silvergate Bank, with regulatory authorities overseeing the orderly return of deposits and closure of operations. Its closure marked one of the early major bank exits linked to the crypto banking niche in the broader 2023 U.S. banking crisis.
Founded: 1988
Closed: 2023
Headquarters:
La Jolla, California, United States of America (the)
Owner: Silvergate Capital Corporation
https://silvergate.com/
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