Silvergate Bank Sees 40% Increase in Deposits From Digital Currency Customers

[Cinno3]

Silvergate Bank added $586 million in new deposits from firms and individuals in the cryptocurrency industry in the third quarter of 2020, according to an earnings report released before the market opened Monday.

The cost of those deposits dropped from 0.37% down to 0.01% and the bank’s fee income for digital currency customers increased by nearly 40% to $3.3 million with more than 68,000 transactions on the Silvergate Exchange Network, a fiat on-ramp for bitcoin markets.

The bank added 47 new digital currency clients, bringing its total customer base from the industry up to 928.
More: https://www.coindesk.com/silvergate-bank-q3-2020-earnings