Silvergate Capital Files for $50 Million IPO – Details
Silvergate Capital, a California-based financial institution which is the parent company of Silvergate Bank, is preparing to go public to raise $50 million in an initial public offering (IPO). This is according to documents filed with the US Securities and Exchange Commission (SEC).
The bank has applied to list its shares on the New York Stock Exchange (NYSE) under the ticker symbol “SI.” The company plans to use proceeds to finance its organic growth and for “general corporate purposes.
Silvergate Bank is best known for opening its arms to digital currency trades and organizations, who are regularly avoided by standard establishments who fear the illegal tax avoidance stuff that appears to pursue bitcoin and the administrative vulnerabilities related with adjusting crypto firms. The bank has become bigger as of late, attracting customers, for example, Paxos, Gemini, and Kraken. Having marked its first cryptographic money customer in 2014, the Computerized Cash Gathering, the organization has proceeded to create around $1.7 billion from the advanced money area, as indicated by the documenting.
The organization’s eagerness to work with cryptographic money organizations has seen it installed roughly 483 set up and new advanced cash clients as of September 30. There are additionally 145 imminent crypto clients at present being onboarded by the bank, where they perform“extensive regulatory compliance diligence and integrating of the customer’s technology stack for those digital currency customers interested in using our API.”
The filing states:
“As of September 30, 2018, approximately $1.7 billion, or 88.2%, of our total deposits were noninterest-bearing demand accounts[…] Substantially all of these noninterest-bearing demand accounts are deposits from our customers in the digital currency industry.”