US Bank Silvergate Sees Growth in Crypto Clients, Despite Decreasing Deposits From the Sector
Financial results released by two U.S. banks providing services to the crypto industry have indicated a decline in deposits from digital currency customers. Despite adding 48 new crypto clients in Q4, the bank registered a decrease in the digital currency customer related fee income which was $1.4 million, compared to $1.6 million for the third quarter of 2019 and $0.7 million for the fourth quarter of 2018.
According to the information, the share of digital currency customers in the bank’s deposit composition has been shrinking throughout the whole year, dropping to $104 million at the end of December, from $220 million a year earlier. Among its customers are industry leaders like crypto exchange Coinbase as well as bitcoin payment processor Bitpay and digital asset wallet provider Crypto.com whose crypto debits cards are issued by MCB and support bitcoin cash (BCH) among other cryptocurrencies.
 BCH |
$ 477.9
|
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