US Silvergate Bank Targets to Raise $50M via an IPO
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).
According to documents filed with the US Securities and Exchange Commission (SEC), Silvergate Bank is preparing to go public to raise $50 million in an initial public offering (IPO),
Silvergate Capital is known for being crypto friendly and helping crypto companies in a space where mainstream banks are still uneasy about the idea of crypto. After lending a hand in 2014 to their first crypto client, Silvergate has generated around $1.7 billion from the digital currency space.
Silvergate is the banker to many prominent cryptocurrency startups and companies. Its clientele of 480+ cryptocurrency companies includes both established companies as well as startups. Kraken, Gemini, and Paxos are among some of its high-profile clients.
Bullishly, the corporation believes that the market for crypto-related financial services infrastructure solutions and services is “significant” and will grow as the crypto market grows. The addressable market for fiat currency deposits related to cryptocurrencies is possibly worth $30–$40 billion, it added, citing various research.
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