Why Silvergate Capital Stock Popped, Then Dropped on Wednesday

Shares of Silvergate Capital (NYSE: SI) climbed sharply higher Wednesday, jumping as much as 10.5%, before giving in to the overall market swoon. As of 3:05 p.m. ET, the stock was up just 0.1%.

The catalyst that sent the cryptocurrency-friendly financial institution higher was the announcement of an agreement with Crypto.com.

Crypto.com, one of the world's leading cryptocurrency exchanges, said it is expanding its on-ramp and off-ramp solutions by partnering with Silvergate Bank. The move will allow its institutional customers to deposit and withdraw money from the exchange in U.S. dollars.

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Source Fool.com