Silvergate Bank 4Q19 Update: Notable outflows from institutional investors; Deposits and SEN volume decline

Just off the heels of its IPO in November, crypto-friendly Silvergate Bank reported its first quarterly earnings as a public company last Wednesday with mixed results coming from its digital currency initiative.

While the number of the bank’s clients reached new heights, deposits fell by 4% sequentially to $1.25 billion. The transaction volume of its 24/7 near-instant payment platform, Silvergate Exchange Network (SEN), also experienced a decline in the fourth quarter due to reservations from the bank’s institutional investors.