Pro-Crypto Silvergate Bank Goes Public in Listing on NYSE
Helen Partz's original article for cointelegraph.com reduced by 41%
Shares of pro-crypto Silvergate Bank were launched for trading on the New York Stock Exchange on Nov. 7.Silvergate celebrates IPO daySilvergate Capital, a California-based commercial bank focused on digital currency businesses, is now officially listed on the NYSE, opening at $12.75, the NYSE tweeted Nov. 7.In conjunction with the event, Silvergate is celebrating its initial public offering day today, according to the NYSE.The news follows Silvergate Capital Corporation's announcement of the pricing of its IPO of 3,333,333 shares of its Class A common stock at a public offering price of $12.00 per share on Nov.
6. Of the offered shares, 824,605 shares are being offered by Silvergate, while 2,508,728 shares are being offered by selling shareholders, the company specified. The offering is expected to close on Nov.
12 and is subject to customary closing conditions, Silvergate noted. Silvergate had more than 750 crypto customers as of September 2019In the announcement, the firm also noted that a registration statement relating to Silvergate's securities was declared effective by the United States Securities and Exchange Commission on Nov. 6, 2019.According to a filing with the SEC on Oct.
28, Silvergate saw its number of digital currency customers increase from 655 as of June 30, 2019 to 756 as of Sept. 30, 2019. Facilitating fiat transfersIn August 2019, Winklevoss twins-founded crypto exchange Gemini joined the Silvergate's Silvergate Exchange Network to speed fiat transfers.
The SEN is a network of crypto exchanges and investors that enables transactions of U.S. dollars between SEN members at any time, "24 hours a day, 7 days a week, 365 days a year." According to the filing, the SEN registered $10.4 billion in transfers for the three months ending Sept. 30, bringing total transfers on the SEN to $23.1 billion and total fiat transfers including wires to $41.5 billion for the nine months ended on Sept.
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