Founded in 1988 as a community-based industrial bank, Silvergate shifted its business strategy in 2013 to focus on the emerging digital currency industry. It became known as the "crypto bank" by providing banking services to cryptocurrency exchanges and companies when many traditional banks would not. Its flagship product was the Silvergate Exchange Network (SEN), a proprietary, near-instantaneous payment network that allowed its digital currency clients to transfer U.S. dollars between their Silvergate accounts 24/7. Following the collapse of major client FTX in late 2022, Silvergate faced a severe bank run, leading to massive deposit withdrawals, significant financial losses, regulatory scrutiny, and ultimately the announcement of its intent to wind down operations and voluntarily liquidate in March 2023.

Founded in

United Kingdom