Silvergate, a publicly traded regional bank known for its large crypto client-base, saw activity on its 24/7 payments network hit record levels, according to the firm's quarter one earnings report.
In addition to offering traditional banking services to cryptocurrency firms, Silvergate also operates its own proprietary payments network called the Silvergate Exchange Network (SEN). SEN provides 24/7 access to nearly-instantaneous USD transfers among the bank's growing digital currency-related client base that spans exchanges, investors, and trading firms.
In the first quarter, Silvergate processed a record $17.4 billion worth of SEN transfer volumes, an increase of 80% compared to Q4 and a 320% since last year.
The company also grew its digital currency client base by nearly 40% since last year, with 850 net digital currency customers. Fee income from these customers also hit fresh highs this quarter, totaling $1.7 million in Q1, up almost 100% since the start of last year. According to company filings, Silvergate still has over 200 prospective digital currency customer leads in its pipeline to onboard.
For a deep dive on Silvergate's strategy and recent performance, see The Block Research's latest profile on the company.