KEY POINTS
  • Silvergate Capital CEO Alan Lane told CNBC on Monday the bank holding company hopes to launch a stablecoin by the end of this year.
  • The comments follow Silvergate's confirmation Monday that the California-based firm was buying assets and intellectual property from Mark Zuckerberg's beleaguered cryptocurrency project.
  • "We think the potential worth is off the charts when we think about using the blockchain technology for payments and remittance," Lane told CNBC's Jim Cramer.

Silvergate Capital CEO Alan Lane told CNBC on Monday the bank holding company hopes to launch a stablecoin by the end of this year, following its acquisitions of assets and intellectual property from Mark Zuckerberg's beleaguered cryptocurrency project.

The California-based financial firm, which through its subsidiary Silvergate Bank operates the crypto-focused payments platform Silvergate Exchange Network, confirmed it was buying assets from the Diem Group on Monday. Silvergate had previously been a partner on the Facebook-backed project.