Crypto-focussed Silvergate Bank’s Q4 net income dipped nearly 9% to $21.4 million from $23.5 million in Q3.
The bank’s digital currency customers grew to 1,381 at the end of December from 1,305 at the end of September, according to an announcement on Tuesday.Average digital currency customer deposits also increased to $13.3 billion from $11.2 billion.Meanwhile, the bank’s on-ramp for bitcoin markets known as the Silvergate Exchange Network (SEN) processed transfers worth $219.2 billion, compared to $162 billion last quarter.Shares of the bank’s parent company, Silvergate Capital Corporation, were down 13.41% in pre-market trading on the New York Stock Exchange.Based in La Jolla, California, Silvergate’s clients include crypto exchanges such as Coinbase, Gemini and Kraken and stablecoin issuer Circle.
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