Crypto-focussed Silvergate Bank’s Q4 net income dipped nearly 9% to $21.4 million from $23.5 million in Q3.
- The bank’s digital currency customers grew to 1,381 at the end of December from 1,305 at the end of September, according to an announcement on Tuesday.
- Average digital currency customer deposits also increased to $13.3 billion from $11.2 billion.
- Meanwhile, the bank’s on-ramp for bitcoin markets known as the Silvergate Exchange Network (SEN) processed transfers worth $219.2 billion, compared to $162 billion last quarter.
- Shares of the bank’s parent company, Silvergate Capital Corporation, were down 13.41% in pre-market trading on the New York Stock Exchange.
- Based in La Jolla, California, Silvergate’s clients include crypto exchanges such as Coinbase, Gemini and Kraken and stablecoin issuer Circle.