Silvergate Bank Onboarded 59 New Crypto Customers

Silvergate Bank Onboarded 59 New Crypto Customers

Silvergate Bank Onboarded 59 New Crypto Customers

Silvergate Bank Onboarded 59 New Crypto Customers

Silvergate Bank has signed new cryptocurrency customers in the fourth quarter on 2018, according to a recent filing with the United States Securities and Exchange Commission (SEC).

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According to the filing as of December 31st 2018, Silvergate had 542 digital currency-related clients including cryptocurrency exchanges and miners, custodians and global investors. This marks an increase of 59 crypto-related customers since a previous filing in September 2018.

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It was reported that  December 31, 232 cryptocurrency customers were purportedly in various stages of the bank’s customer onboarding process, including regulatory compliance.

The bank further saying that acceptance of cryptocurrrencies by global banks will continue to grow said:

“Currently, there are over 300 institutional investment funds with aggregate estimated assets under management of between approximately $7.5 billion to $10 billion. Over $8.3 billion has been invested in digital currency-related projects, excluding initial coin offering funding, since December 31, 2013. Approximately $1.3 billion in venture funding was raised in the digital currency and blockchain market in the 12 months ended June 30, 2018, which is the most recent date such information is available.”

According to the document, in the fourth quarter of 2018 the bank saw two exchanges, 33 companies, and 24 investors among its new clients, including software developers and cryptocurrency miners.

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