Silvergate Capital’s Profit Grew 283%, Bitcoin to Hit All-Time Highs

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Silvergate Capital (NYSE:SI) reported Q2 earnings of $42.5 million, which accounts for a 283% growth from Q2 2020. Canaccord Genuity analyst Joseph Vafi asserts that the firm is becoming an essential banking partner for the cryptocurrency industry. Q2 2021 hedge fund letters, conferences and more Stellar EarningsAccording to the earnings report, Silvergate’s deposits from crypto customers swelled by $3.5 billion to $9.9 billion in the second quarter, driven by the strength of the Silvergate Exchange Network (SEN). “The SEN handled around 138,000 transactions in Q2, down from 167,000 in Q1, whi…

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