Silvergate Bank, a bank that serves the crypto industry, saw its Q1 income almost double last year. It also reported a decline in BTC and ETH spot trade volume over the past quarter.
The bank’s Q1 earnings report, released Tuesday, shows that income for common shareholders rose 34% over the previous quarter and 94% over the last year. Revenue also increased 22% and 93%, respectively, according to the report. Silvergate’s assets, which are worth $15.8billion, have more than doubled in value since 2021. However, this quarter Silvergate was able to facilitate $142 billion in SEN transfer between financial institutions and crypto exchanges. This is a decrease of $219 billion in late-2021 and $167 billion last year. It’s also due to a lack of interest in trading the crypto market in recent months. Coinmetrics data shows that BTC and ETH traded at a mere $1 trillion this quarter, a drop of 33% over the previous quarter. However, the company’s transaction revenues have remained relatively stable for the past three quarters. Overall revenue has risen due to this. It is now $14.7 billion per quarter from institutional investors and exchanges. The bank’s digital currency customers have also increased, with over 1500 now using the bank’s services. Recently, $182 million was spent to buy out Diem, Facebook’s abandoned stablecoin project. To spur growth, it plans to expand its stablecoin infrastructure.
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