SilverGate / Facebook The Next Mass Crypto Adoption

in LeoFinancelast month

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Silvergate Capital Corporation Stock Ticker SI

Has announced it is in talks of a CRYPTO partnership with Facebook. Based on this news the stock price of Silvergate has increased by over 10% closing out today at $91.92 per share.

This stock pays no dividend and has been through some rather crazy price swings over the last 6 months seen in the graph below.

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What is Silvergate?

Silvergate is a bank. Yep a bank, however one that has laid out the groundwork to allow for Institutional traders, investors and and crypto exchanges. It's the gateway brank for Fiat to crypto and allows companies such as Facebook to jump into the crypto space easily though the use of a stable coin called Diem which was formally known as Libra the project Facebook tried to work on and release for years.

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Silvergate, Facebook and Diem StableCoin

Diem is a stable coin which will be managed by Silvergate bank. It will allow Facebook to start tapping into the crypto world though this method. Diem stable coin will be fully managed by Silvergate and will be backed by a 1:1 ratio of USD value in their bank.

While Silvergate is a small bank they highly specialize in crypto assets and unlike a traditional bank their exchange runs 24/7 365 days a year. It might not seem like much but it is and it could potentially crush other banks who still operate on slow Monday-Friday and only certain hours of the day.

With silvergate it means funds can quickly and securely be sent through Facebook (and other socials they partner up with such as Instagram) to allow for business transactions to happen at any moment.

You'll start to question why you ever use a traditional bank for things ever again to be honest. Why pay high fees and over 48 hours of wait time to transfer funds when you can do it at a lower, more secure method and within a few minutes.

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Zuck needs to be careful..The political class is looking to waste more taxpayer fiat on endless political theater. Facebook Diem financial hearing to a tv near you…:)


Posted via proofofbrain.io

A major corporation like Facebook that sees an opportunity does not stop trying to get what they want if some government says they can’t do a certain thing.

I’m not surprised to hear that something like this has been in the works.

This will disrupt the world wide banking sector so much!

Yet those banks are too big to fail, so governments will keep these ancient institutions alive for far too long at far too great a price.

Very similar to what you see governments do these days with coal mines and energy plants that still burn coal.

The dinosaurs eventually will have to evolve or die.

Posted Using LeoFinance Beta

I believe they are starting to slowly die. It wont happen over night that's for sure but we are starting to semi get away at least in some cases away from mega banks. What really makes me sick is the only thing that was built in my development during 2020 were you guessed it BANKS! Every other business had to shut down or stop building while more banks sprang up. It's totally not needed and such a massive waste of resources. Give it 10-20 years and bring and mortar banks will be a thing of the past.

Mass crypto adoption is already happening. And big corporations have no choice but to adapt as well or fall off.

Negatives of a big corp. Normally much slower and time consuming process to act on new things. It's why I like being a small business myself you can pivot and change quickly!

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Yay! 🤗
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that are really news. I haven't heard of Silvergate before

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