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Despite the decline in cryptocurrency trading activity…Silvergate Bank’s revenue rises in the first quarter of 2022

Despite the decline in cryptocurrency trading activity…Silvergate Bank’s revenue rises in the first quarter of 2022

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Answer Despite the decline in cryptocurrency trading activity…Silvergate Bank’s revenue rises in the first quarter of 2022

Silvergate Bank, a bank dedicated to servicing institutions of the cryptocurrency industry, saw its income rise in the first quarter, almost double what it was last year.

However, pointed out The bank also reported a decrease in the spot trading volume of Bitcoin and Ethereum compared to the last quarter of 2021.

According to the bank’s first-quarter earnings report disclosed Tuesday, income for common shareholders rose 34% from the previous quarter, and 94% from a year ago.

Meanwhile, revenue is up 22% and 93% from last quarter and last year, respectively.

The company’s assets have doubled since 2021.

Read:Binance intends to launch a new platform to buy cryptocurrency for cash

Silvergate facilitated only $142 billion in transfers between crypto exchanges and financial institutions this quarter.

That’s down $219 billion in late 2021, and $167 billion from this time last year.

This is coupled with a broader lack of interest in trading the cryptocurrency market in recent months.

According to Coinmetrics data, Bitcoin and Ethereum trading volume barely crossed $1 trillion this quarter, down 33% from the previous one.

However, this did not affect the company’s transaction returns, which have remained relatively flat over the past three quarters.

This has increased overall revenue, most of which comes from interest income.

One of the companies paying said interest is MicroStrategy, which recently took out a $205 million bitcoin secured loan with Silvergate to buy more bitcoin.

Silvergate cryptocurrency deposits have also continued to rise steadily, averaging $14.7 billion from exchanges and institutional investors.

The same applies to the company’s cryptocurrency customers, who now number more than 1,500.

The bank was recently responsible for buying Diem, a digital currency project that was recently abandoned from Facebook, for $182 million.

Read:Why did the crypto platform “Robinhood” stop trading “GME” shares? What effect does this have on the platform’s reputation?

Silvergate seeks to expand its stablecoin infrastructure to stimulate its growth.

Read also:

The case of the SEC and Ripple will extend until 2023…details here

A major soccer club in Mexico is adopting bitcoin as a payment method


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