Silvergate's Alan Lane on Banking the Corporate Unbanked - WBD131

Mr Obnoxious

Peter McCormack

Technology, News, Politics, Money, Investing, Finance, Bitcoin

4.8 • 2.7K Ratings

🗓️ 30 July 2019

⏱️ 70 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Location: San Diego
Date: Tuesday, 16th July
Company: Silvergate Bank
Role: CEO

Since Satoshi’s left the message, "Chancellor on brink of second bailout for banks" in the genesis block, Bitcoin has been the antithesis of banks. “Be your own bank”, perhaps an overused phrase from Bitcoin proponents certainly comes under question for companies building Bitcoin-based businesses. Businesses need Fiat for operating costs: rent, wages etc. and for now, at least that is a gap that Bitcoin can't fill.

Most banks have also looked at Bitcoin unfavourably, and crypto companies have struggled to find reliable banking partners. Many companies and exchanges have unexpectedly lost banking services or turned to creative solutions.

Silvergate Bank, however, looks at Bitcoin and cryptocurrency differently. Since 2014 they have been building their reputation as the leading bank for cryptocurrency companies and now have over $1 billion in deposits. In this interview, I talk to Alan Lane, Silvergate's Chief Executive Officer and find out how they have been paving the way for cryptocurrency companies and are how they are offering banking services previously unheard of in the traditional industry.

Transcript

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0:00.0	Welcome to the What Bit
0:02.0	the What Bit Podcast podcast.
0:06.0	Hello there from Sunny Bedford, how are you all?
0:09.0	You all okay?
0:10.0	I'm not pretty poorly.
0:12.0	So if I sound stuffy, it's because I'm not pretty poorly so if I sound stuffy it's because I'm a little bit ill following my trip to the US
0:16.8	Anyway, Bitcoin appears to be consolidating in a nice range between like nine and 13,000 which is much better than earlier in the year
0:24.5	when we're about 3,000 so I think everything's looking pretty good. I'm also
0:29.3	heading off on holiday this Thursday I'm going to be off for three weeks which I can't wait for
0:33.2	anyway got a great show for you today so welcome to the what Bitcoin did
0:36.8	podcast which is brought to you by Krakan who you know are the best exchange in the
0:40.6	whole world the interview today is with someone you probably haven't heard from
0:44.1	on a podcast yet. You might not even know them, but this is Alan Lane. He is the CEO of
0:48.8	Silvergate, the company which banks more crypto companies than anyone else so it's a pretty interesting
0:53.6	interview but before I tell you about that I do have a message from my bad-ass
0:57.4	sponsors so first up today's show is brought to you by BlockFi my my oldest and most loyal, amazing sponsor who've been with
1:05.2	me since August last year. We're coming up to our anniversary, so I'll be celebrating with them.
1:09.8	Also, in the next couple of days I'm going to be getting my next payout from my BlockFi interest
1:14.6	account. I think that's my fifth payout, which is pretty cool. My Bitcoin is working for me every
1:19.1	month and making more Satoshi's from it. And with a BlockFi interest account you can earn
1:24.0	interest every month on your Bitcoin, Ether or GSD, but also BlockFi don't
1:29.0	just have interest accounts. They've also got crypto-back loans where you can take out a loan against your
	...

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