Silvergate CEO: The company wants to handle digital assets on its own; it will pilot SEN leveraged products

According to CoinDesk, Silvergate is well known for providing USD banking services to crypto businesses and now wants to handle digital assets on its own. Although no such services are on its roadmap, it has applied for a New York trust license to provide escrow and settlement for cryptocurrencies. Silvergate CEO Alan J. Lane said an example in this regard might look like "providing settlement services for its Bitcoin transactions." In this case, Silvergate will act as an intermediary, ensuring that the two participants settle the fiat / bitcoin transaction on the Silvergate Trading Network (SEN). Payment platform SEN allows commercial customers to instantly transfer USD between crypto exchanges. "In order to be a trusted intermediary, we must be able to access digital assets ourselves. Think about it, it seems that Silvergate also has the ability to become a Bitcoin SEN." This service may be the first such service provided by Commercial Bank of America. People ready to enter the industry. Lane emphasized that the bank has no product to address the issue. "Current customers have come up with ways to satisfy themselves, but they tell us that there are other counterparties who have not done business with them because there is no credible solution." In the near future, Silvergate's biggest focus is on SEN leverage Product pilot, which allows proprietary traders to use bitcoin as collateral for fiat currency loans, which can then be used to buy more bitcoins.