Crypto-focused bank Silvergate promoted a new president and chief risk officer just a few weeks after it posted earnings that missed estimates.
The firm—which banks for a wide-range of crypto trading firms and brokers—said that it promoted Ben Reynolds to the role of president and appointed Kate Fraher as its chief risk officer. Fraher previously served as chief operating officer at the La Jolla, Calif.-based firm, while Reynolds was chief strategy officer. Reynolds and Fraher will continue to report to CEO Alan Lane.
It's not clear whether Reynolds and Fraher are replacing executives who have left. Silvergate did not immediately respond to a request for comment.
Reynolds previously held roles at KPMG and HSBC, while Fraher—who joined Silvergate in 2006—has over 20 years of experience in banking.
Silvergate posted third quarter earnings in October that came in under Wall Street's estimates, noting that it will likely not launch its own stablecoin before the end of the year. Silvergate has long identified profits tied to stablecoins as a big opportunity for the firm, which purchased assets and technology from Diem, the project incubated by Facebook's (now Meta) once lauded crypto project Diem. Diem shut down in January.
Silvergate closed at $49.50 per share, a far cry from its all-time high above $230 at the end of last year.
© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.