Kraken, one of the biggest and most established Bitcoin (BTC) exchanges worldwide, has joined the Silvergate Exchange Network (SEN). By joining SEN, the United States-based digital currency exchange allows its clients to deposit and withdraw U.S. dollars from Silvergate accounts without any fees, the company revealed on November 27.
As indicated by the statement, the depositing procedure will be distinctive dependent on whether Kraken clients have a Silvergate account. In case they have an account at Silvergate, Kraken clients will just need to enable SEN funding on their Kraken account before utilizing the option. Those who don’t have a Silvergate account should apply independently at the bank.
Silvergate Capital is a California-based commercial bank centered on cryptocurrency businesses. The Silvergate’s SEN is a network of cryptocurrency exchanges and investors that allows exchanges of U.S. dollars between SEN members.
As revealed, Silvergate’s clients include cryptocurrency exchanges, custodians, and miners, among others. The crypto-friendly bank saw its number of cryptocurrency clients develop from 655 as of June 30, 2019, to 756 as of September 30, 2019, as Silvergate expressed in a filing with the U.S. Securities and Exchange Commission.
In August 2019, the SEN included another significant crypto partner, the Winklevoss siblings-founded exchange Gemini, empowering quicker transfers in U.S. dollars.
Recently, Silvergate Bank introduced its shares for trading on the New York Stock Exchange under the ticker NYSE:SI.