Silvergate protocol
Overview
Silvergate was a financial services company focused on the digital asset industry, operating Silvergate Bank and the Silvergate Exchange Network (SEN), a real-time payment platform for crypto exchanges and institutional investors. It became a primary banking partner for many crypto firms but announced a voluntary liquidation and wind-down of the bank in March 2023 during the industry downturn; deposits were repaid in full by late 2023. Silvergate was a chartered bank, not a DeFi protocol.
Relations
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Frequently asked questions
What was Silvergate?
Silvergate was a financial services company focused on the digital asset industry, operating Silvergate Bank and the Silvergate Exchange Network (SEN).
What was the Silvergate Exchange Network (SEN)?
The Silvergate Exchange Network (SEN) was a real-time payment platform for crypto exchanges and institutional investors operated by Silvergate.
Why did Silvergate close?
Silvergate was closed during the industry downturn after serving as a primary banking partner for many crypto firms.