Owned by Barry Silbert of Digital Currency Group (DCG), a venture capital firm that supports the cryptocurrency, the company has confirmed investment in Silvergate Capital Corporation is the parent company of Silvergate Bank, which offers banking services to bitcoin startups.
According to the statement
Silvergate, the company sold 9.5 million shares in a private placement, the total amount of which amounts to 114 million dollars. These funds will be used to further support the Bank’s initiatives in the area of investment in FINTECH. Although the ad was not disclosed to investors Barry Silbert (Barry Silbert), founder of DCG, confirmed his participation in the transaction in the official Twitter
of the company.
Even in 2014 the cryptocurrency industry is faced with difficulties in obtaining banking services from traditional financial institutions. Many banks refuse to open accounts with cryptocurrency companies or close them suddenly without explanation.
While Silvergate Bank offers bitcoin startups. This for may 2016, the financial organization has supported 15 cryptocurrency companies, despite the risks associated with their work.