What Silvergate's Partnership with Facebook-Backed Diem Means Going Forward

Last week, Silvergate Capital (NYSE: SI) announced a partnership deal with Diem Networks U.S. to be the exclusive issuer of the stablecoin Diem USD. Diem was formerly known as Facebook's Libra project, and this will be the first asset issued on its payment system. 

For Diem, this is a big step forward on a project that has been in limbo since 2019. For Silvergate, it reinforces the bank's position as a leader in providing financial infrastructure and banking services in the cryptocurrency space.

Image source: Getty Images.

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Source Fool.com