Silvergate Crypto Bank Goes Public In Listing On NYSE

silvergate crypto bank

The Silvergate crypto bank has launched its shares for trading on the New York Stock Exchange (NYSE) platform on November 7. The bank’s official name is Silvergate Capital (NYSE:SI) is a California based commercial bank focused on digital currency businesses – now officially listed on the NYSE stock and opening at $12.75, according to NYSE tweets published on November 7.

In conjunction with this event, Silvergate is also celebrating its initial public offering (IPO) day today, according to NYSE.

The cryptocurrency news also show that Silvergate crypto bank and Silvergate Capital Corporation recently published an announcement of the pricing of its IPO of 3,333,333 shares of its Class A common stock at a public offering price of $12 per share on November 6. Of the offered shares, around 824,605 shares are now being offered by Silvergate while 2,508,728 shares are offered by the selling shareholders as the company noted.

The Silvergate crypto bank is expected to close on November 12 and is subject to customary closing conditions, as it noted. The announcement also shows that a registration statement relating to Silvergate’s securities was declared effective by the United States Securities and Exchange Commission (SEC) on November 6th this year.

As a filing with the SEC on October 28 shows, the Silvergate crypto bank saw its number of digital currency customers increase from 655 at the end of June this year – to 756 as of October this year. As we reported before, the bank is among the couple of banks offering crypto-related services and has prestigious clients in the likes of exchanges, miners and custodians among others.

In August 2019, the Gemini crypto exchange founded by the Winklevoss twins joined the Silvergate Exchange Network (SEN) which is aimed to speed fiat transfers. The SEN is a network of crypto exchanges and investors enabling transactions of US dollars between SEN members at any time, “24 hours a day, 7 days a week, 365 days a year.�

Another filing also showed that SEN registered $10.4 billion in transfers for the three months ending on September 30, bringing the total transfers on the SEN to $23.1 billion and the total fiat transfers including wires to $41.5 billion for the nine months before September 30. For the same period in 2018, the figures were $4.4 billion and $25.9 billion, respectively.

The post Silvergate Crypto Bank Goes Public In Listing On NYSE appeared first on DC Forecasts - Leading Digital Currencies.

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