According to a statement by crypto-friendly bank Silvergate, the number of digital currency customers and Bitcoin transaction volume increased in the first quarter of 2020. In the statement, it was stated that Bitcoin (BTC) transaction volume increased by 75 percent.
Preparing a report on its earnings in the first quarter of 2020, the bank stated that the Bitcoin transaction volume in the Silvergate Exchange Network (SEN) grew by 75 percent compared to the previous quarter. SEN’s BTC transaction volume also increased by 118 percent, processing more than 31 thousand transactions.
As of April 2020, the bank provides services to all its customers in relation to 850 digital currencies including crypto exchanges and miners, custody service and global investors. While many institutions and individuals saw the negative effects of the fall in March, Silvergate reported a $ 447 million BTC deposit increase after the March 12 crisis. The firm believes that digital assets are “well-positioned” for additional expansion of future assets and potential volatilities for the first quarter.
Volatility was a great test
The bank said volatility is a good test for SEN. The stock exchange, which is still in the pilot phase, offers leveraged trading opportunities to its corporate customers using BTC:
“We saw some volatility in the first quarter and we are happy to say that our system is working well.”
Silvergate reached $ 12.5 million in BTC secured loans for the first quarter through this program.