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Silvergate Bank 1Q19 update: Deposits down 10%, CFO departs

Silvergate Bank quietly posted an updated S1 on May 17 in preparation for its upcoming IPO as it makes headway with its digital currency initiative.

Founded in La Jolla, Calif. in 1988, Silvergate began as a traditional commercial bank, but started exploring the idea of serving the digital currency industry in 2013. After finding some recent success, Silvergate has since pivoted and is now almost entirely focused on providing banking services to cryptocurrency-related companies.

Today, it is one of a handful of banks in the U.S. willing to take on the risks of onboarding cryptocurrency clients. It differentiates itself from its competitors through its unique products and services such as its Silvergate Exchange Network (a network that allows its customers to efficiently exchange USD 24/7) as well as its wide network of prominent cryptocurrency companies such as Coinbase, Circle, Bittrex, Gemini, Paxos, bitFlyer, and Kraken to name a few.

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