Silvergate Capital, the parent company of the Bank Silvergate Bank, which serves about 500 cryptocurrency firms, is preparing to launch an IPO aimed to raise $50 million.

The company has applied for listing of the shares on the new York stock exchange (NYSE) under the Ticker SI. The capital raised will be used to Finance further growth.

Silvergate Bank is known that serves cryptocurrency company that is often shunned by traditional financial institutions. They fear-related sector issues AML and regulation. For example, clients of the Bank Silvergate are Paxos, Gemini, and the Kraken.

In the prospectus filed with the SEC, the company reported that as of the third quarter, the Bank serves 483 cryptocurrency client with $1.7 billion in interest-free deposits. Main customers Silvergate Bank is a crypto currency exchange with deposits of $793 million Hedge funds and venture capital funds associated with scriptactive have Bank deposits of $573 million Others, including developers and mining company, for $227 million

“Most of our funding comes from interest-free deposits related to customers of the industry of digital currencies,” the Bank said.

Silvergate Bank believes that its unique funding scheme gives him the advantage, compared to traditional institutions. These deposits are invested in interest-bearing deposits, securities and other sources that provide attractive returns.

The company in 2017 to have launched its own cryptocurrency infrastructure, called Silvergate Exchange Network (SEN). The solution allows us to easily move funds between cryptomeria and their clients.

As stated by the company that it intends to continue to pay attention to the cryptocurrency initiative as a “framework and its future directions strategy.” Target market deposits associated with the industry of digital currencies, Silvergate is estimated at $30-40 billion.

Recall that the company of the cryptocurrency industry is faced with the problems of the banking services not only in USA but also, for example, in Chile, Brazil and Poland. In India, the Central Bank explicitly prohibit regulated financial institutions to serve the companies associated with digital currencies. In Singapore to interfere in the decision of problems getting representatives of the cryptocurrency industry banking services was forced to intervene, the head of the Central Bank.