The California-based parent of Silvergate Bank has detailed its relationships with the cryptocurrency industry as part of its IPO filing with the Securities and Exchange Commission (SEC).

Touting itself as “The Banking Platform for Innovators” in its S-1 prospectus, filed with the SEC on Nov. 16, Silvergate Capital disclosed that the bank now serves 483 crypto clients, with a combined $1.7 billion in non-interest-bearing deposits as of Q3 2018. The number of clients is up from 114 on Sept. 30, 2017, marking an increase of 323 percent.

Its primary customers are crypto exchanges, with $793 million in deposits; institutional investors such as hedge funds and VC funds taking a focus on crypto assets, with $573 million in deposits; and other firms including new protocol developers and miners, with $227 million in deposits.

Continue Reading on CoinDesk

Like this: Like Loading...