Silvergate Capital, a bullish crypto supportive bank, recently released its financial report for the fourth quarter of 2022, revealing positive results and a rebound in shares.
Significant Increase Against Previous Years
According to the data, Silvergate reported a net income of $12.4 million for the fourth quarter, with a recorded increase of $7.4 million in cognisance with the fourth quarter of 2021.
There was a recorded total of $2.9 billion assets in the bank which surpassed the previous year by over $1 billion.
So many factors contributed to this growth, one of which was the firm’s positive outreach to the cryptocurrency space.
The bank has been actively engaged in collaborating and partnering with crypto businesses and has recorded a surge in crypto transactions on its network. Another factor that contributed to this growth is awarded to the lending sector of the firm.
The bank released a report of the total recorded loan from the company which amounted to over $800 million. That is, $200 million steps ahead of the loan recorded in the last quarter of 2021.
This growth culminated from the firm’s involvement with crypto businesses and also lending its services to the industry.
Also read:The increase in financial data and rebound in shares has been tremendously welcomed by investors. Silvergate’s shares rose by 10% following the release of this financial report.
This has raised a good momentum for the firm as Silvergate’s shares suffered previously in the past few months due to market instability and exposure to risk in the cryptocurrency space.
The Growing Interaction Between The Bank And Crypto Firms
In a statement, Silvergate CEO Alan Lane stated they are excited to see their expansion into the crypto space fruitful and successful.
He believes that the crypto industry is an important and significant part of the financial sector, and the firm is committed to making its operators seamless. With these positive developments, the firm is back on track.
As the crypto industry continues to grow and develop, they are blessed with a valuable asset having a supportive bank like Silvergate in their corner. This would create more investment opportunities for investors.
Overall, the bank’s growing presence in the crypto space and its rendered help and assistance to crypto businesses has culminated to massive turnouts recorded In this report.
And more collaborations between this bank and crypto firms are expected to come to fruition in the future.
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