2 years ago
Michael Bellusci is CoinDesk's crypto payments reporter.
Silvergate Capital (SI) is consenting to “entertain much opportunities” to grow its bitcoin lending program, CEO Alan Lane said Tuesday connected the company’s post-earnings league call.
Last month, Silvergate made a $205 million bitcoin-backed indebtedness to MicroStrategy (MSTR), a bundle institution that is led by bitcoin protagonist Michael Saylor, and the slope is looking to bash more. “It’s a large clip to beryllium a bitcoin banker," Lane said connected the call.
The MicroStrategy indebtedness came via Silvergate’s Silvergate Exchange Network Leverage Program, a level acceptable up to marque loans against bitcoin held connected a
company's equilibrium sheets.Silvergate besides said its program to motorboat a stablecoin this twelvemonth remains connected track, though nary nonstop timing was given. Management said it's figuring retired however to negociate reserves for the coin.
In January, Silvergate announced it was purchasing the exertion and different assets from Diem, the stablecoin task from Meta Platforms (formerly Facebook) archetypal announced arsenic Libra successful June 2019.
Shares of Silvergate were precocious up 12.6% arsenic the institution reported per-share net for its archetypal 4th that topped analysts' estimates.
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Michael Bellusci is CoinDesk's crypto payments reporter.
Michael Bellusci is CoinDesk's crypto payments reporter.
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