Outside of the lending activities, Silvergate also has highflying crypto firms as corporate banking customers through its Silvergate Exchange Network (SEN) leverage program, which issues U.S. dollar loans using bitcoin as collateral. The now-defunct FTX, stablecoin issuer Circle and crypto trading platforms Coinbase (COIN), Paxos, Crypto.com and Kraken were all SEN clients, according to a recent investor presentation.