.Silvergatebank is holding its own during the crypto bear market and remains positive about lending against bitcoin, CEO Alan Lane told CoinDesk. By mikeybellusci
markets, posted a 34% rise in U.S. dollar transfers during the second quarter compared to last year, while net income rose 85% year-over-year.
Investment bank Canaccord Genuity thinks risk management was a key contributor to Silvergate’s positive earnings results. “What perhaps was the biggest long term positive for the story was a risk management program that resulted in no loan writedowns, despite significant crypto spot price volatility and some default contagion across the broader ecosystem,” Canaccord equity research analyst Joe Vafi said in a note to clients.
“We're absolutely still interested in lending against bitcoin,” Lane said. “We believe that is some of the best lending we've ever done, and we want to continue to grow that.”$205 million term loan to Michael Saylor’s MicroStrategyLane said the lending platform was built with the acknowledgement it would come with volatility, and says the recent crypto rout was a good stress test for Silvergate to show it can withstand volatility in its lending business model.
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