Silvergate Capital's crypto-to-fiat transfers decrease by $50B compared to Q3 2021

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On Oct. 18, Silvergate Capital (NYSE:SI), a crypto-fiat gateway network designed for financial institutions, announced its financial results for Q3 2022.

The bank, known for services such as processing consumer fiat deposits to cryptocurrency exchanges, saw thetransfer volume on the Silvergate Exchange Network plummet close to $50 billion compared to Q3 2021. Silvergate handled $112.6 billion of such transfers in Q3 2022.

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