The crypto-focused customer base of Silvergate Bank grew to more than 1,500, according to the first-quarter results published Tuesday.
"Digital currency customers grew to 1,503 at March 31, 2022, compared to 1,381 at December 31, 2021, and 1,104 at March 31, 2021," the firm said in theSilvergate also stated that fee income from its crypto customer base was $8.9 million, a decline from Q4 2021's $9.3 million. Overall, the firm posted a net Q1 income of $27.4 million.
Silvergate also highlighted a decline in activity on its payment network, known as the Silvergate Exchange Network:
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