Silvergate Bank – a bank that provides institutional services to the crypto industry – saw Q1 revenue nearly double from last year’s figures. However, the report also reported a decline in BTC and ETH trading volume from the previous quarter.
according to reportsBanking Q1 results Revenue for ordinary shareholders increased 34% qoq and 94% yoy.
Meanwhile, revenue rose 22% and 93% from last quarter and last year, respectively. The company’s assets, which are valued at $15.8 billion. More than double since 2021
However, Silvergate has only $142 billion in volume. between crypto exchanges and financial institutions this quarter, down from $219 billion in late 2021 and $167 billion from this time last year.
Coupled with the lack of interest in trading in the crypto market in recent months, according to Coinmetrics, BTC and ETH barely reached $1 trillion in trading volume this quarter. representing a 33% drop from the previous period.
However, this does not affect the company’s transaction revenue. which has been relatively stable in the past three quarters. causing the overall income to skyrocket Most of which comes from interest income.
One of the companies that pays such interest is MicroStrategy It recently issued a $205 million Bitcoin guaranteed loan with Silvergate to buy more Bitcoin.
Silvergate Cryptocurrency Deposits Continue to Increase An average of $14.7 billion from exchanges and institutional investors. The company’s digital currency customers are there as well. which now number more than 1,500
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