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Crypto Bank Silvergate to Miss Goal of Offering Stablecoin This Year
The news comes alongside a Q3 earnings miss that's sending the stock lower by more than 20% on Tuesday.
Updated May 9, 2023, 3:59 a.m. Published Oct 18, 2022, 5:47 p.m.
Silvergate Capital (SI) is no longer on track to bring its own stablecoin to market this year, though CEO Alan Lane said the company continues to work closely with regulators on the matter.
“We're certainly disappointed that it looks like we're gonna miss our goal of launching it this year,” Lane said during Silvergate’s earnings conference call Tuesday. The company, Lane added, is working diligently to build its operational and regulatory compliance “muscle” to ensure a smooth launch.
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At the start of this 2022, Silvergate bought the technology and other assets from Diem – the stablecoin project from Meta Platforms (formerly Facebook) that was first announced as Libra back in June 2019.
The delay isn’t related to any technology issues for the project, said Lane, who still believes Silvergate is in a strong position versus other banks to bring its own tokenized dollar to the blockchain.
Silvergate shares fell over 20% in Tuesday’s trading session after reporting an earnings miss that included a slowdown in USD transfers and digital deposits, along with the stablecoin delay.
Read more:Silvergate Shares Drop as USD Transfers, Digital Deposits Slowed in Q3
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