crypto bank
Silvergate Bank
Headquarters: La Jolla, United States • Founded: 1988
About Silvergate Bank
Silvergate Bank was a pioneer in cryptocurrency banking, known for creating the Silvergate Exchange Network (SEN), a 24/7 instant settlement network for fiat payments. Following the collapse of FTX and subsequent liquidity pressures, the bank announced its voluntary liquidation in March 2023.
Regulations & Trust Profile
Banking License Type
state charter
Licensed/Regulated By
FED, DFPI
MiCA Compliant (EU)
No / N/A
Deposit Insurance
None / Uninsured
Supported Services & Assets
Fees & Pricing
Account Monthly Fee
Free
Crypto Trading Fee
N/A
Wire Transfer Fee
Free
Crypto Withdrawal Fee
Free / N/A
Pricing Notes: Silvergate Bank has ceased operations and liquidated all banking services.
Pros
- Pioneered 24/7 SEN settlement
- Highly crypto-friendly client base
Cons
- Ceased operations
- Liquidation in progress
Frequently Asked Questions
Is Silvergate Bank safe for crypto?
Silvergate Bank is a highly regulated systemic financial institution. However, it only offers indirect crypto exposure.
Is Silvergate Bank FDIC insured?
No, standard deposit insurance does not apply to this institution or accounts of this type. Note that cryptocurrency assets are never protected by government deposit insurance schemes.
Does Silvergate Bank support business accounts?
Yes, Silvergate Bank supports corporate and business accounts with crypto integrations.
What countries does Silvergate Bank operate in?
Silvergate Bank offers banking services primarily in United States, and supports clients in US.
What are Silvergate Bank's crypto fees?
Silvergate Bank does not charge crypto trading fees as it does not offer native crypto brokerage or trading services.
Can I send crypto directly from Silvergate Bank?
Yes, you can initiate crypto withdrawals to external blockchain addresses.
Coverage
Target Audience
business, institutional
Minimum Deposit
No minimum
Mobile Banking Apps
Web only