Why Shares of Silvergate Capital Are Rising Today
Shares of the crypto bank Silvergate Capital (NYSE: SI) had risen more than 4% by the final hour of trading today for no obvious reason, although there may be a few factors to explain the move.
Silvergate has had a terrific year in 2021, with its stock up roughly 144%. But over the last month, it has been sold off broadly. Shares are down more than 23% over the last month even after today's rise.
The bank has developed a real-time payments platform called the Silvergate Exchange Network (SEN), which enables two parties on the network to instantly send and clear payments around the clock, 365 days a year. The platform helps facilitate crypto trading between institutional investors and crypto exchanges, because cryptocurrencies also trade around the clock.
Source Fool.com
