The Silvergate Bank earned a total revenue of $2.1 billion with the help of cryptocurrency. This is during the 3rd quarter of 2020.
In line with this, the crypto industry has been performing well in the past few months. Today, the crypto market’s total market capitalization amounts to $407,454,230,193, with a 24-hour growth rate of 1.3%. Hence, making Bitcoin and altcoins to catch investors’ attention once again, in and out of the crypto world.
The Silvergate Bank is one of the financial institutions that trusted cryptocurrencies. It allows Bitcoin companies to transact and open an account with them. As a result, Silvergate Bank made billions of revenue through cryptocurrency deposits. It also revealed that in the 3rd quarter of the year, it accepted $586 million worth of cryptocurrency deposits.
The CEO of Silvergate Bank, Alan Lane, further added that,
The Bank’s infrastructure has provided Silvergate with the foundation to succeed in what has become a very digital world. We see this as an ample runway for further growth given the numerous opportunities to expand.
With this, Silvergate Bank reached its billion-dollar revenue. On the other hand, Lane knew that cryptocurrencies are born to be volatile. This made the bank accept crypto deposits as short-term assets.
Moreover, Bitcoin remains to be the leader of the cryptocurrency in terms of market capitalization. Analysts have predicted that its market capitalization will reach trillion in 5-10 years . This is a sign that investors can trust the crypto industry in the years to come.