The California-based, pro-crypto Silvergate bank began selling its shares on the New York Stock Exchange (NYSE) on Thursday as the US SEC declared its IPO effective. The bank works with over 750 firms in the crypto space, including companies like Coinbase, Circle, Kraken, and Bittrex.
A trustworthy bank for crypto firms
According to the bank’s SEC filing, it aims to continue focusing on the digital currency initiative as the core of their future strategy and direction. The bank has been providing its services to the cryptocurrency firms since 2013, and it has established itself as the go-to bank for the crypto industry.
Out of its 756 customers in the crypto industry, 69 are crypto exchanges, 468 are institutional investors, and the rest are crypto companies such as mining operators and protocol developers, according to its registration statement.
Silvergate Exchange Network (SEN)
Silvergate Bank also revealed that nearly 77% of its cryptocurrency-related customers are enrolled with its payment network Silvergate Exchange Network (SEN). The bank explained that the core function of the SEN is to enable participants to make transfers of US dollars from their SEN account to another SEN account. The bank claimed that because of its focus on the crypto industry in recent years, it achieved significant improvements in its deposit base. The total transfer on SEN so far has been $23.1 billion.
Silvergate price its stock at $12 per, and is planning to offer 3,333,333 shares of Class A common stock. Out of all shares, 824,605 are being offered by Silvergate, while 2,508,728 shares are being offered by selling shareholders.