RATE Group | Few Banks Will Touch Crypto Firms, but Silvergate Wants to Touch Bitcoin Itself
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Few Banks Will Touch Crypto Firms, but Silvergate Wants to Touch Bitcoin Itself

31 Jan Few Banks Will Touch Crypto Firms, but Silvergate Wants to Touch Bitcoin Itself

Posted at 01:22h in Bitcoin News by

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Silvergate Bank is venturing even further into a field where few financial institutions dare to tiptoe.

The La Jolla, Calif., lender made a name for itself providing hard-to-come-by U.S.-dollar banking services for businesses that deal in cryptocurrency. But now Silvergate wants to handle digital assets themselves.

While the bank has no such services on its roadmap yet, it has applied for the New York trust license with the aim of providing custody and settlement for crypto. One example of this might look like “providing settlement services for their bitcoin trades,” Silvergate CEO Alan J. Lane said. 

In this scenario, Silvergate would be the intermediary ensuring settlement of a fiat-for-bitcoin exchange between two participants on its Silvergate Exchange Network (SEN), a payments platform that allows commercial customers to instantly move U.S. dollars between crypto exchanges. 

“In order for us to be able to be that trusted intermediary, we have to be able to touch the digital…

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