Silvergate Bank had a good Q1. The firm had a 94% net income growth year-to-year despite institutional investment going down in the same period.
Nevertheless, the company also saw a sharp increase in its cryptocurrency storage segment. Partly due to an annualized cost of deposit of 0.00%, institutional investors placed an average of $14.7 billion in digital assets in Silvergate's hands, compared to $6.4 billion in Q1 2021., Diem, for $182 million after it became defunct.
Silvergate currently sees expanding its stablecoin infrastructure as a key area of growth. At the moment, like traditional banks, the company derives the vast majority of its revenue from interest income; that is, using borrowers' deposits as collateral to issue loans, purchase interest-bearing securities or depositing them in interest-bearing accounts at other banks.
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