Per the report, the number of Silvergate Banks’ client making a shift into the cryptocurrency ecosystem was 544, a considerable increase to 2017’s 244. Moreover, total deposits showed growth by 8 percent, from $1.46 billion to $1.58 billion.
The report further listed the factors that are affecting the development of the digital currency industry, including price volatility and the involvement of the Securities and Exchange [SEC]. The report explained:
“…government and quasi-government regulation of digital currencies, their use, and intermediaries and other businesses involved in digital currencies, noting in particular that the SEC has taken action against several cryptocurrency operators and has raised questions whether certain digital currency exchanges must be registered with the SEC to continue operating;”