Gateway
Silvergate Bank revenue soar in Q1 as institutional crypto trading activity falls
On Tuesday, Silvergate Bank, a crypto-fiat gateway network designed for financial institutions, announced its results for the first quarter of 2022. During this period, its revenue and net income grew by 93% and 94% year-over-year, respectively, to $59.9 million and $24.7 million. The company is most notable for its Silvergate Exchange Network, or SEN, which facilitates U.S. dollar and euro transfers between cryptocurrency exchanges and institutional investors. Despite its growth, however, institutional interest in crypto took a significant hit in Q1 due to the ongoing bear market. As told by Silvergate, the amount of SEN transfers it facilitated decreased from $167 billion in Q1 2021 to $142 billion in Q1 2022. Simultaneously, as part of broader industry trends, Bitcoin (BTC) and Ethereum...
Ogun PDP gets new executive committee
File Photo The crisis rocking the Peoples Democratic Party (PDP) in Ogun State, deepened on Friday, as the faction loyal to Senator Buruji Kashamu, inaugurated its new state executive members to steer the affairs of the party for the next four years. The oaths of office which was done in batches of 15 persons were administered by a lawyer and notary public, Victor Owokoya and Oluwatoyin Omomehin, respectively. The inauguration, ceremony which took place at the State Party Secretariat in Abeokuta, also saw the new exco members getting cars from the Omo-Ilu Foundation, courtesy Senator Buruji Kashamu. Ogun PDP had been enmeshed in a battle of supremacy between the loyalists of Kashamu and party faithful loyal to a former House of Representatives member, Oladipupo Adebutu. Speaking with newsm...
