<p>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. </p> <p>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.</p> <p>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.</p> <div class="c-message_actions__container c-message__actions" role="group" aria-label="Message shortcuts" data-qa="message-actions"> </div> <p><img class="aligncenter wp-image-63402 size-full" src="https://www.tbstat.com/wp/uploads/2020/04/SEN-growth-1q20.png" alt="" width="802" height="493" /></p> <p>&nbsp;</p> <p>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.</p> <p><img class="aligncenter wp-image-63403 size-full" src="https://www.tbstat.com/wp/uploads/2020/04/silvergate-1q20-fee-income.png" alt="" width="746" height="436" /></p> <p><em>For a deep dive on Silvergate's strategy and recent performance, see <a href="https://www.theblockresearch.com/silvergate-how-servicing-the-digital-asset-industry-established-a-differentiated-business-model-62947">The Block Research's latest profile on the company</a>.</em></p>