The bear market hits everyone, even Silvergate Capital. Its crypto-to-fiat transfers dropped by $50B over the last year.
The bank, known for services such as processing consumer fiat deposits to cryptocurrency exchanges, saw thetransfer volume on the Silvergate Exchange Network plummet close to $50 billion compared to Q3 2021. Silvergate handled $112.6 billion of such transfers in Q3 2022.
It appears that investors were less than satisfied with the results. Silvergate's share price, as listed on the U.S. NASDAQ exchange, fell by close to 22% at the time of publication after the results were announced. In addition, Alan Lane, Silvergate's president and CEO, said in an earnings call with investors that the company would likely"miss its goal" of launching a stablecoin pegged to the U.S. dollar this year, citing ongoing regulatory compliance work. Earlier this year, Silvergate acquired Facebook's former stablecoin project Diem. The company plans toInterestingly, the company's profits actually surged 84% year-over-year to $43.328 million.
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