Stock Alert: Slivergate Capital Soars 18% On Partnership To Issue FB-backed Diem StableCoin

(RTTNews) - Shares of bank holding company Silvergate Capital Corp. (SI) are up 18 percent on Thursday's trading as the company announced a partnership with Facebook Inc. (FB)-backed Diem Association, under which Silvergate Bank will exclusively issue the Diem U.S. dollar-denominated stablecoin.

Diem Networks' US subsidiary would partner with Silvergate Capital in this regard.

Digital currency group Diam Association also said that it will be relocating its primary operations from Switzerland to the United States.

The stock is currently trading at $95.53, up $14.71 or 18 percent on the NYSE.

SI has traded between $12.05 and $187.86 during the past 52 weeks.