Founded in 1988 as a community business bank, Silvergate pivoted its strategy in 2013 to focus on the nascent digital asset industry. It became the leading provider of financial services for cryptocurrency businesses, best known for its proprietary Silvergate Exchange Network (SEN), a real-time payments platform that enabled 24/7 fund transfers between its crypto-exchange and institutional-investor clients. Following the collapse of major client FTX in late 2022, the bank faced a severe bank run, leading to massive financial losses. In March 2023, its parent company, Silvergate Capital Corporation, announced it would wind down operations and voluntarily liquidate the bank.

Founded in

United States