Silvergate Bank Celebrated Its IPO Day

Shares of Silvergate Bank recently launched for trading on the New York Stock Exchange (NYSE) last November 7. In a tweet of NYSE, it is officially listed Silvergate Capital, opening at $12.75.

In addition to that, the firm also celebrates its initial public offering (IPO) day, NYSE revealed.

Then, following the news, Silvergate Capital Corporation declared the pricing of its IPO of 3,333,333 shares of its Class A common stock at a public offering price of $12.00 per share.

Aside from that, Silvergate indicated that they expect the offering to close on November 12. And also, it is subject to customary closing conditions.

Now, going back to that announcement, the company also highlighted that the United States Securities and Exchange Commission (SEC) declared the registration statement about securities of Silvergate to be effective.

In a filing of the SEC on October 28, Silvergate saw its number of digital currency customers rise. From 655 of June 30, 2019, it became 756 of September 30, 2019. In a previous report, those customers include crypto-related clients like exchanges, miners, and custodians, among others.

Fiat Transfers

Meanwhile, back in August 2019, Winklevoss twins-founded crypto exchange Gemini became a part of the Silvergate Exchange Network (SEN) of Silvergate. And they aim to speed fiat transfers. The SEN is a network of crypto exchanges and investors. Then, this allows transactions of the U.S. dollars between SEN members any time, 24 hours a day, 7 days a week, 365 days a year.

Based on the filing, the SEN registered $10.4 billion in transfers for the three months ending on September 30. And this delivers total transfers on the SEN to $23.1 billion. Furthermore, complete fiat transfers, including wires to $41.5 billion for the nine months ended on September 30. During the same time in 2018, the numbers amounted to $4.4 billion and $25.9 billion, respectively.