Silvergate Bank continued so as to add a gradual drip of crypto prospects within the second quarter of 2020 however its issuance of bitcoin-collateralized loans grew by $10 million, outperforming the expansion of its actual property loan guide by 10x.
In response to its newest earnings report, launched Monday morning, the bank’s conventional loan portfolio – an actual property–heavy loan guide of about $1.1 billion – solely elevated by $1 million from the primary quarter. Bitcoin-collateralized loans by the bank’s SEN Leverage product surged by $10 million within the first quarter.
The uptick from $12.5 million to $22.5 million represents 80% quarter-over-quarter progress for the product, which is a part of the Silvergate Trade Community (SEN).
The publicly traded La Jolla, Calif.-based bank is without doubt one of the few U.S. banks keen to overtly serve crypto-related companies and has most of its deposits from the crypto sector. The bank went public on the New York Stock Trade underneath the buying and selling image SI in November. With $2.34 billion in whole property, Silvergate is lower than 1% the scale of JPMorgan Chase, a $3.1 trillion behemoth.
Key stats from the earnings report embrace:
The bank continues to have a gradual pipeline of greater than 200 prospects ready to be onboarded, Silvergate CEO Alan Lane stated in a press launch.
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