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This bitcoin bank's stock has jumped nearly 1,300% in just over a year

February 22, 2021. Summarized by summa-bot.

Compression ratio: 18.4%. 1 min read.

Slivergate CEO Alan Lane, second from right, is applauded as he rings the New York Stock Exchange opening bell before his bank's IPO begins trading, Thursday, Nov. 7, 2019. (AP Photo/Richard Drew)

The boom in bitcoin prices is giving a huge lift to a California bank that accepts cryptocurrency deposits and doles out bitcoin-backed loans.

New York (CNN Business)The boom in bitcoin prices is giving a huge lift to a California bank that accepts cryptocurrency deposits and doles out bitcoin-backed loans.

CNN Business spoke to Silvergate CEO Alan Lane about the bank's bitcoin business and what he predicts next for the world of crypto.

"We started with crypto deposit accounts for customers and quickly learned that companies need more help beyond traditional 40-hours-a-week banking," Lane said.

Lane said the bank's customers are primarily institutional investors and other firms doing business in bitcoin and other cryptocurrencies.

New York-based Signature Bank (SBNY) has a growing bitcoin business too, with about $10 billion in crypto deposits.

"Suffice it to say that we are one of only a few banks working in bitcoin so we hope to be involved with any businesses that want to be engaged in cryptocurrencies seriously," Lane said.

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