Thread by @patio11

If you like reading S-1s, one that flew beneath seemingly everyone's radar: Silvergate Bank, the first national bank of crypto.

ir.silvergatebank.com/Cache/40067087…

"Explain that joke to me."

The top five US crypto exchanges all use them. Crypto customers are 80%+ of their deposits.

"What."

You can say that again.

So since all the cryptocurrency exchanges need to do cash management between themselves and ideally faster than ACH their bank (singular) made an API which allows them 24/7 ability to credit one account and debit another.

They spell API "SEN":

An interesting number to keep a watch on, particularly in comparison to e.g. the Tether float or alleged reserves, is the amount of total liquid cash banked by their exchange + OTC desk customers, presently ~$650m.