The digital-assets-focused Silvergate Bank and crypto asset manager EJF Capital have partnered on a new early-stage venture fund that will in part back promising crypto startups.
The amount of capital raised by the fund — which will be jointly managed between the two firms — was not disclosed. The firms said in a statement that the vehicle will focus on backing early-stage fintech companies, digital currencies and new payment processors, and speciality finance technology.
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It's the latest large partnership in the crypto venture-capital space, which shows few signs of slowing down in terms of demand.
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Silvergate is a California-chartered bank that does business with many of the world's largest crypto exchanges and other types of companies n the industry. EJF Capital is one of the world's largest asset managers focused on digital assets, managing about $5.7 billion of assets under management across its core strategies.
Silvergate Chief Executive Officer Alan Lane said in a statement that the partnership behind the fund aligns "with our mission to create a financial system that is safe, fair and rewarding for everyone."
"At Silvergate, we’ve had the privilege to serve entrepreneurs in niche industries for over 20 years, which ultimately led us to bank digital currency industry pioneers. We believe in entrepreneurs and their power to help the digital currency industry reach its full potential," Lane said.