Specializing in venture capital investments in the cryptocurrency Digital Currency Group (DCG) has confirmed the financing of Silvergate Capital Corporation, the leading company of Bitcoin-friendly Silvergate Bank. This is reported by CoinDesk.
We are very pleased with the outcome of our private placement, which generated broad based support from both traditional bank investors and other strategic investors. Our greatly increased capital base will support our growth and enable us to continue making investments in technology and people that will improve efficiency and productivity, and expand the products and services offered to our business customers.
According to Silvergate, the company raised $ 114 million through the sale of 9.5 million shares through private placement. These funds will be used to further support the bank's initiatives in the field of fi ntekh.
Although Silvergate did not name the names of investors, DCG head Barry Silbert confirmed the firm's participation in the round of financing. The amount allocated by DCG is also not specified.