8530 La Mesa Boulevard Ste. 300
La Mesa, CA, 91942
Published at Bitcoin Insider.
Silvergate Bank is a financial institution that has bolstered bitcoin-based companies for quite some time. Silvergate was known for providing banking services to crypto-startups when other banks refused to work with those types of companies. According to the company, the bank has a relationship with fifteen cryptocurrency-focused businesses, and in April of last year, Silvergate collaborated with the blockchain surveillance company Elliptic. Moreover, back in 2014 the president and CEO of Silvergate Bank, Alan Lane discussedbitcoin at California Bankers Association meetings.
On February 26 Silvergate revealed it had raised $114Mn and the funds will promote further growth in a nationwide financial tech deposit initiative. “Our recent private placement is a major milestone in the history of Silvergate, increasing our equity capital by over 120%,” said Dennis Frank, Silvergate’s chairman during the announcement. However, the investors who helped raise the capital were not disclosed throughout the bank’s press statements.
“Our greatly increased capital base will support our growth and enable us to continue making investments in technology and people that will improve efficiency and productivity, and expand the products and services offered to our business customers,” Silvergate’s CEO Lane said yesterday.