Founded in 1988, Silvergate Bank operated as a traditional community bank for many years before pivoting in 2013 to serve the nascent digital currency industry. It became the premier banking provider for cryptocurrency exchanges, institutional investors, and other digital asset companies. Its flagship product was the Silvergate Exchange Network (SEN), a proprietary, near-instantaneous payment network that enabled 24/7/365 U.S. dollar transfers between its clients. Following the collapse of major clients like FTX in late 2022, the bank experienced a severe bank run and intense regulatory scrutiny, leading to its decision in March 2023 to wind down operations and voluntarily liquidate.

Founded in

United States