Silvergate Purchases Blockchain Payment Network Assets from Diem
31 Janeiro 2022 - 7:00PM
Business Wire
The acquisition will advance Silvergate’s technical capabilities
and enhance its stablecoin infrastructure initiative
Silvergate Capital Corporation (“Silvergate”) (NYSE: SI) today
announced that it has acquired intellectual property and other
technology assets related to running a blockchain-based payment
network from the Diem Group (“Diem”), further investing in its
platform and enhancing its existing stablecoin infrastructure.
Silvergate is uniquely positioned to leverage this technology to
further solidify its position as a leader in the digital currency
industry.
The assets acquired by Silvergate include development,
deployment and operations infrastructure and tools for running a
blockchain-based payment network designed to facilitate payments
for commerce and cross-border remittances. The network, which has
been operating in a pre-launch phase, was built by a world-class
group of engineers over a two-year development cycle with
architectural quality evidenced by its security, reliability and
scalability. Included in the acquisition are proprietary software
elements critical to running a regulatory-compliant stablecoin
network.
Through its close partnership with Diem, Silvergate has gained
deep familiarity with the network and developed strong appreciation
for its potential to enable a Silvergate-issued stablecoin that
will power the future of global payments.
“In the digital asset industry, money moves across the globe
around the clock,” said Alan Lane, Chief Executive Officer of
Silvergate. “Through conversations with our customers, we
identified a need for a U.S. dollar-backed stablecoin that is
regulated and highly scalable to further enable them to move money
without barriers. As previously stated on our Q4 2021 earnings
call, it remains our intention to satisfy that need by launching a
stablecoin in 2022, enabled by the assets we acquired today and our
existing technology.”
Silvergate Bank, a subsidiary of Silvergate, is a California
chartered and Federal Reserve member bank with nearly a decade of
experience building solutions for the digital currency industry.
Its real-time payments platform, the Silvergate Exchange Network
(“SEN”), enables its customers to move money between their accounts
and the accounts of other Silvergate customers 24 hours a day, 7
days a week. By integrating the assets acquired today with the SEN,
Silvergate is one step closer to launching a next-generation global
payment system that is faster, easier to use and more
cost-effective than existing solutions.
“We are grateful to Diem and the community of engineers and
developers who created this technology and have advanced it to its
current evolution,” continued Mr. Lane. “Silvergate is committed to
continuing to foster the open-source community that supports the
technology, and we believe that existing contributors will be
excited about our vision going forward.”
“I’m tremendously proud of the efforts of our members, partners
and teams who have worked tirelessly to develop the Diem Payment
Network with robust controls to protect consumers and combat
financial crime,” said Stuart Levey, Chief Executive Officer of
Diem. “We have confidence in Silvergate’s ability to take Diem’s
technology forward and transform the future of payments.”
Under the terms of the asset purchase agreement, Silvergate has
issued 1,221,217 shares of class A common stock to Diem and paid
$50 million in cash. Based on the closing price of SI on January
31, 2022, the aggregate value of the consideration was $182
million. As part of integrating the acquired assets into
Silvergate’s existing technology, Silvergate expects to incur
approximately $30 million of additional costs in 2022.
Goldman Sachs & Co. LLC served as financial advisor to
Silvergate and Holland & Knight served as Silvergate’s legal
advisor. Architect Partners LLC served as financial advisor to Diem
and O’Melveny & Myers LLP, Skadden, Arps, Slate, Meagher &
Flom LLP, and Fenwick & West LLP served as Diem’s legal
advisors.
About Silvergate
Silvergate Capital Corporation (NYSE: SI) is the leading
provider of innovative financial infrastructure solutions and
services for the growing digital currency industry. The Company’s
real-time payments platform, known as the Silvergate Exchange
Network, is at the heart of its customer-centric suite of payments,
lending and funding solutions serving an expanding class of digital
currency companies and investors around the world. Silvergate is
enabling the rapid growth of digital currency markets and reshaping
global commerce for a digital currency future.
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version on businesswire.com: https://www.businesswire.com/news/home/20220131005723/en/
Investor Relations: Hunter Stenback/Ashna Vasa (858)
200-3782 investors@silvergate.com Media: Conor Shea
press@silvergate.com
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