LA JOLLA, Calif.–(BUSINESS WIRE)–Silvergate Capital Corporation (the “Company” or “Silvergate”) (NYSE: SI), the leading provider of innovative financial infrastructure solutions to the digital asset industry, today announced a business update, citing that its deposit relationship with BlockFi Inc. (“BlockFi”) is limited to less than $20 million of its total deposits from all digital asset customers as of November 28, 2022.
BlockFi is not a custodian for Silvergate’s bitcoin-collateralized SEN Leverage loans, which to date have continued to perform as expected with zero losses and no forced liquidations. Silvergate has no investments in BlockFi.
Silvergate maintains a first priority lien and security interest in a cash collateral account, which contains $10 million for the benefit of Silvergate to support ACH services provided to BlockFi.
“As the digital asset industry continues to transform, I want to reiterate that Silvergate’s platform was purpose-built
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