By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Sign In
Web3,Blockchain & Metaverse Education Media PlatformWeb3,Blockchain & Metaverse Education Media Platform
  • Home
  • News
    • Cryptopedia
      • Blockchain News
      • Bitcoin News
      • Ethereum News
      • Altcoin News
    • Latest Metaverse & NFT News
      • Metaverse & NFT Games
      • Virtual Land
    • Exchanges News
    • Policy & Regulation
    • Web Stories
  • Press Release
    • Sponsored Article
    • Submit Press Release
  • Interviews
    • Opinion
  • Expert Alliance
    • About Expert Alliance
    • Expert Alliance Benefits
    • Experts List
    • Apply for Expert Alliance
  • Guide
    • NFT Review
    • Game Review
    • Submit NFT Project
  • Videos
  • Events
Search
  • Advertise with us
  • Media Kit
  • 365 Media Plan
  • Submit Press Release
  • Submit NFT Project
© 2022 NFTStudio24.com News Network. All Rights Reserved.
Reading: Silvergate Bank shuts down Exchange Network, transfers $9.9M to BlockFi
Share
Web3,Blockchain & Metaverse Education Media PlatformWeb3,Blockchain & Metaverse Education Media Platform
Search
  • Home
  • News
    • Cryptopedia
    • Latest Metaverse & NFT News
    • Exchanges News
    • Policy & Regulation
    • Web Stories
  • Press Release
    • Sponsored Article
    • Submit Press Release
  • Interviews
    • Opinion
  • Expert Alliance
    • About Expert Alliance
    • Expert Alliance Benefits
    • Experts List
    • Apply for Expert Alliance
  • Guide
    • NFT Review
    • Game Review
    • Submit NFT Project
  • Videos
  • Events
Have an existing account? Sign In
Follow US
  • About us
  • Advertise with us
  • Media Kit
  • 365 Media Plan
  • Submit NFT Project
  • Careers
  • Contact us
  • Privacy Policy
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
  • Global
  • Japan
  • South Asia
  • Partners
  • Community
HOME > News > CRYPTOPEDIA > EXCHANGES > Silvergate Bank shuts down Exchange Network, transfers $9.9M to BlockFi
EXCHANGESNews

Silvergate Bank shuts down Exchange Network, transfers $9.9M to BlockFi

news room
Posted news room March 5, 2023 86 Views 3 Min Read
Updated 2023/03/05 at 3:11 AM
Silvergate Bank shuts down Exchange Network transfers 9.9M to BlockFi 1
SHARE

Silvergate Bank shuts down Exchange Network, transfers $9.9M to BlockFi.

Contents
Silvergate’s Ongoing EffortsBlockFi HighlightsFunds Released By SilvergateSilvergate BankIn conclusion

Silvergate Bank, a prominent financial institution that specializes in serving cryptocurrency businesses, has announced the closure of its exchange network and the release of $9.9 million to the cryptocurrency lending platform BlockFi.

Silvergate’s Ongoing Efforts

The decision to close its exchange network was made as part of Silvergate’s ongoing efforts to streamline its operations and focus on its core banking services. While the network was not a significant revenue driver for the bank, it was a key part of its strategy to serve the needs of the crypto industry. However, with the closure of the network, Silvergate is now shifting its focus to its core banking services, including deposits, lending, and payment services.

Silvergate Bank
Source: Silvergate

BlockFi Highlights

Meanwhile, the $9.9 million release to BlockFi highlights the increasing collaboration between traditional financial institutions and the cryptocurrency industry. BlockFi, a rapidly growing crypto lending platform, has been expanding its services to cater to institutional investors.

Funds Released By Silvergate

The funds released by Silvergate will be used to support BlockFi’s institutional lending business, which allows institutional investors to borrow and lend cryptocurrencies and earn interest on their holdings.

The loan agreement between Silvergate and BlockFi is a testament to the growing partnership between traditional financial institutions and the cryptocurrency industry.

As the cryptocurrency market continues to grow, banks and other financial institutions are seeking ways to tap into the potential of this emerging asset class.

At the same time, cryptocurrency companies are seeking to partner with established financial institutions to gain access to their expertise, resources, and regulatory compliance.

Silvergate Bank

Silvergate Bank has been a pioneer in serving the needs of the cryptocurrency industry, building a reputation as one of the most crypto-friendly banks in the United States.

Its decision to release funds to BlockFi is an indication of the bank’s commitment to supporting the growth of the crypto industry.

In conclusion

The closure of Silvergate’s exchange network and the release of $9.9 million to BlockFi signal the evolving relationship between traditional financial institutions and the cryptocurrency industry.

As the crypto market continues to mature, we can expect to see more partnerships and collaborations between these two sectors, as they seek to leverage each other’s strengths and expertise.

TAGGED: Silvergate Bank, transfers $9.9M

Sign Up For Daily NFT Drops

Don't miss the next NFT drops!!!
I have read and agree to the terms & conditions
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Share
What do you think?
Love0
Sad0
Happy0
Sleepy0
Angry0
Dead0
Wink0
Previous Article The Cryptocurrency Report Bitcoins Value Falls Below 22500 Digital Currencies Tumble in Value The Cryptocurrency Report: Bitcoin’s Value Falls Below $22,500 Digital Currencies Tumble in Value
Next Article Jack Dorseys Latest Venture Launches C to Enhance Bitcoins Lightning Jack Dorsey’s Latest Venture Launches “C=” to Enhance Bitcoin’s Lightning
Leave a comment

Leave a Reply

You must be logged in to post a comment.

Don’t miss the NFT Drops! Sign up Now

I have read and agree to the terms & conditions

Latest News

DeFi protocol DefiLlama has resolved its internal conflicts 1
DeFi protocol DefiLlama has resolved its internal conflicts
CRYPTOPEDIA News WEB3 March 21, 2023
Crypto Fear and Greed Index has reached its highest level
Crypto Fear and Greed Index has reached its highest level
BITCOIN NEWS News March 21, 2023
Project AI Powered Trading Platform Accused of Draining 1M from Users
Project ‘AI-Powered’ Trading Platform Accused of Draining $1M from Users
AI BLOCKCHAIN NEWS News March 20, 2023
Join us
Ad imageAd image

You Might also Like

DeFi protocol DefiLlama has resolved its internal conflicts 1
CRYPTOPEDIANewsWEB3

DeFi protocol DefiLlama has resolved its internal conflicts

March 21, 2023
Crypto Fear and Greed Index has reached its highest level
BITCOIN NEWSNews

Crypto Fear and Greed Index has reached its highest level

March 21, 2023
Project AI Powered Trading Platform Accused of Draining 1M from Users
AIBLOCKCHAIN NEWSNews

Project ‘AI-Powered’ Trading Platform Accused of Draining $1M from Users

March 20, 2023
New York allows Binance Voyager deal to proceed without holdings
EXCHANGESNews

New York Judge allows Binance-Voyager deal to proceed without holdings

March 17, 2023
//

NFTStudio24 delivers the latest NFT news to its global audience. We are committed to reporting mainstream and emerging talent via exclusive press releases, podcast interviews, NFT rankings, and much more.

GET IN TOUCH

  • About us
  • Advertise with us
  • Media Kit
  • 365 Media Plan
  • Submit NFT Project
  • Careers
  • Contact us
  • Privacy Policy

Experts Alliance

  • Experts Alliance
  • About Alliance
  • Alliance Benefits
  • Membership requirements
  • Apply Alliance
//

Subscribe to our newsletter to get our newest articles instantly!

I have read and agree to the terms & conditions
Web3,Blockchain & Metaverse Education Media PlatformWeb3,Blockchain & Metaverse Education Media Platform
Follow US

© 2022 NFTStudio24.com News Network. All Rights Reserved.

Removed from reading list

Undo
Join us metaverse Join us metaverse
Welcome Back!

Sign in to your account

Register Lost your password?