In 2019, Q2, Silvergate Bank's encryption-related deposits increased by 11% from the previous month.

According to The Block, in the second quarter of 2019, Silvergate Bank's encryption-related deposits amounted to $1.5 billion, an 11% increase over Q1. The increase in deposits increased the number of customers associated with encryption by 6%, and the balance of deposits between exchanges and encrypted funds. In addition, the volume of transactions through SEN (Silvergate Exchange Network) increased significantly to $8.6 billion in Q2, more than double the previous quarter. After deducting the revenue of the sales branches, the net profit decreased by 7% from the previous quarter due to the unfavorable interest rate environment.