Why Shares of Silvergate Capital Are Rising Today
Shares of the cryptocurrency bank Silvergate Capital (NYSE: SI) continued their impressive run this week. The bank traded more than 10% higher as of 2 p.m. EDT and is up more than 35% this week, following positive news for the bank and cryptocurrencies in general.
Although it has a traditional bank charter, Silvergate is not your typical bank. It has drawn a lot of investors in with its Silvergate Exchange Network, which is essentially a payments ecosystem that enables institutional traders to conduct instant transactions with cryptocurrency exchanges and others on the platform.
The bank also provides Bitcoin-collateralized lines of credit and struck a blockbuster partnership earlier this year with Facebook to become the sole issuer of the social media giant's planned U.S. dollar stablecoin.
Source Fool.com
