Silvergate Capital (SI) Falls Almost 23% Behind Lagging Earnings and Delays
Silvergate Capital (SI) fell around 23% today, due to lagging earnings and the delay of its stablecoin. The Company was hoping to release the stablecoin in 2022.
“We’re certainly disappointed that it looks like we’re gonna miss our goal of launching it this year,” Alan Lane said at his company’s third-quarter earnings call, adding that the delay wasn’t related to any technology problems for the project.
The Company also missed earnings and revenue estimates, corresponding do a 52.2% fall in share price since the beginning of the year.
Silvergate Capital is working on innovations in the Web 3.0 and housed in the PRISM WEB 3.0 index, which overall, had a negative day. The index fell 1.9%.
Silvergate Capital Corporation (NYSE: SI) is the leading provider of innovative financial infrastructure solutions and services for the growing digital asset industry. The Company’s real-time payments platform, known as the Silvergate Exchange Network, is at the heart of its customer-centric suite of payments, lending and funding solutions serving an expanding class of digital asset companies and investors around the world. Silvergate is enabling the rapid growth of digital asset markets and reshaping global commerce for a digital asset future.