Silvergate Bank is a new crypto-fiat gateway system for financial institutions. It will be open on Tuesday. AnnouncementIts results for the first quarter 2022. The company’s net income and revenue grew 93% and 94% respectively year-over-year to $59.9m and $24.7m, respectively. Silvergate Exchange Network (or SEN), which allows for the transfer of U.S. dollars and euros between institutional investors and cryptocurrency exchanges, is what makes this company stand out.

Although crypto is growing, institutions’ interest took a substantial hit in Q1. This was due to the fact that it has been slowing down. ongoing bear market. Silvergate stated that the amount of SEN transfer it facilitated declined from $167 Billion in Q1 2020 to $142 Billion in Q1 20302. In line with broader industry trends, simultaneously (BTC(ETHSpot trading declined 33% over the year to $1.046 trillion Q1 2022