Silvergate Bank reports an increase in transaction volume in BTC

Silvergate Bank, which serves cryptocurrency companies, reported an increase in the volume of bitcoin transactions in Ithe quarter of 2020 by 75% compared to the previous quarter.

The report of the Bank of the American Commission on valuableThe Securities and Exchange Commission (SEC) reported that the volume of trading with Bitcoin in the Silvergate (SEN) exchange network has increased by 75%. The number of transactions has more than doubled - for the first quarter, SEN processed more than 31,000 operations.

In April, more than 850 cryptocurrency companieslisted by Silvergate customers. The bank's customers include cryptocurrency exchanges and miners, custodian services and investors. At the same time, although many companies recorded losses during the market decline, the volume of deposits in BTC immediately increased by $ 447 million.

Bank representatives noted that volatilityin the cryptocurrency market has become a good test of SEN reliability. The Kraken and Gemini exchanges offer leverage to selected institutional clients through the Silvergate network, although the mechanism is still under testing.

“We really wanted to test our mechanismtracking BTC prices and launching liquidation of positions due to lack of collateral. To test the mechanism, we needed the volatility of this asset ... and we saw the strong volatility of bitcoin in the first quarter. We want to note that the mechanism worked perfectly, ”said Alan J. Lane, President and CEO of Silvergate Bank.

In November 2019, Silvergate Bank shares began trading on the New York Stock Exchange.

</p></p>