Silvergate Bank, one of the cryptocurrency industry’s few go-to financial service providers, is planning to become a crypto lender.
According to an updated IPO filing, Silvergate, which serves some of the cryptocurrency world’s top firms like Coinbase, Bitstamp, Genesis Trading, Blocktower Capital, Polychain Capital and Xapo, has seen increased demand from the industry and is aiming to become an even more crypto-focused institution.
In particular, the bank is planning to offer fiat loans, collateralized with crypto, to institutional clients as a part of the Silvergate Exchange Network (SEN) – a payment system specifically designed for crypto exchanges and their big clients.
https://www.coindesk.com/silvergate-bank-eyes-crypto-collateralized-loans-for-institutions