On Oct. 18, Silvergate Capital, a crypto-fiat gateway network designed for financial institutions, announced its financial results for Q3 2022.
The bank, known for services such as processing consumer fiat deposits to cryptocurrency exchanges, saw the transfer volume on the Silvergate Exchange Network plummet close to $50 billion compared to Q3 2021. Silvergate handled $112.6 billion of such transfers in Q3 2022.
It appears that investors were less than satisfied with the results. Silvergate’s share price, as listed on the U.S. Nasdaq exchange, fell by close to 22% at the time of publication after the results were announced.
In addition, Alan Lane, Silvergate’s president and CEO, said in an earnings call with investors that the company would likely “miss its goal” of launching a stablecoin pegged to the U.S. dollar this year, citing ongoing regulatory compliance work. Earlier this year, Silvergate acquired Meta’s former stablecoin project, Diem. The company plans to integrate the...
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