Silvergate Announces SEN Leverage to Provide Digital Currency Investors Increased Capital Access
14 Janeiro 2020 - 6:10PM
Business Wire
Silvergate Capital Corporation (“Silvergate”) (NYSE:SI), the
leading provider of innovative financial infrastructure solutions
to the digital currency industry, announced today that it has
launched a new product known as SEN Leverage, which will allow
Silvergate Bank (“Bank”) customers to obtain U.S. dollar (“USD”)
loans collateralized by bitcoin held at select digital currency
exchanges that are also customers of the Bank. The product uses the
Silvergate Exchange Network (“SEN”) to fund loans and process
repayments in real-time 24 hours per day, 7 days per week. The
Bank’s API-enabled SEN was first established in 2017 and has seen
rapid adoption with over $10 billion in USD transactions taking
place during just the third quarter of 2019 alone.
The exchange launch partner for SEN Leverage is Bitstamp Ltd., a
major digital currency exchange founded in 2011. Silvergate will
offer its institutional customers access to greater trading capital
by providing leverage on bitcoin and partnering with Bitstamp Ltd.
as Silvergate’s agent to custody and manage bitcoin collateral.
Miha Grcar, Head of Business Development at Bitstamp explained,
“One of the key features of SEN Leverage is Silvergate’s real-time
24/7/365 ability to both fund loans and accept repayments over the
SEN, thus enabling Silvergate’s customers to more flexibly manage
their bitcoin positions.”
“Our digital currency customers have asked us to help them
create greater capital efficiency,” explained Alan Lane, Chief
Executive Officer of Silvergate, “and we are excited to be working
closely with Bitstamp to solve this problem for them. The
integration and work that our collective teams have put into this
over the past six months is a testament to the conviction we have
to serve our customers.”
Forward-Looking Statements
Statements in this press release may constitute forward-looking
statements within the meaning of the Securities Exchange Act of
1934, as amended. Statements relating to future events or our
future performance or financial condition are not facts, but are
based on current expectations, estimates and assumptions by
management. These statements are not representations regarding or
guaranties of future performance, condition or results and involve
various risks and uncertainties. Actual results and conditions may
differ materially from those in the forward-looking statements as a
result of many factors. For information about other important
factors that could cause actual results to differ materially from
those discussed in the forward-looking statements contained in this
release, please refer to the Company's public reports filed with
the U.S. Securities and Exchange Commission. The Company undertakes
no obligation to update any forward-looking statement to reflect
events or circumstances that arise after the date such statements
are made.
About Silvergate
Silvergate Capital Corporation (NYSE:SI) is a registered bank
holding company for Silvergate Bank, headquartered in La Jolla,
California. Silvergate Bank is a commercial bank that opened in
1988, has been profitable for 22 consecutive years, and has focused
its strategy on creating the banking platform for innovators,
especially in the digital currency industry, and developing product
and service solutions addressing the needs of entrepreneurs. As of
September 30, 2019, Silvergate had total assets of $2.1 billion,
total deposits of $1.8 billion, and total stockholders’ equity of
$230.6 million.
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version on businesswire.com: https://www.businesswire.com/news/home/20200114005764/en/
Investor Relations / Media Jamie Lillis / Shannon Devine
(858) 200-3782 investors@silvergate.com
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