Silvergate Bank 2Q19 Update: Crypto-related deposits grow by 11%; SEN usage increases dramatically

Silvergate Bank, one of the few crypto-friendly banks in the U.S., posted mostly positive results in its most recent S1 filing. Like the rest of the banking industry, the lower rate environment had a negative impact on Silvergate’s 2Q19 earnings. However, growth in deposits and SEN trading volumes were the highlights of the quarter.

Following two consecutive quarters of declines, deposits from cryptocurrency-related clients changed its course in 2Q19. Deposits from Silvergate’s digital currency initiative grew by $144 million (+11%) sequentially to $1.5 billion as its customer base increased by 6% to 655.