Gemini’s institutional clients are now allowed to execute in U.S. dollars “24 hours a day, 7 days a week, and 365 days a year” through the network, as per a statement made August 27. This action was previously denied by the conventional hours of operation for banks, which “shackled” fiat withdrawals and deposits.
By connecting with the cloud-based SEN API, the exchange can form counterparty connections with other individuals of the network to form immediate transfers. Silvergate Bank, an industry financial service provider, bolsters the network of cryptocurrency exchanges and cryptocurrency investors, to encourage the movement of U.S. dollars between members.
The bank’s Form S-1 filing states:
“The SEN has a powerful network effect that makes it more valuable as participants and utilization increase, leading to 374% growth in SEN transaction volumes in the first six months of 2019 compared to the first six months of 2018.”
The SEN was introduced early last year and has since enlisted roughly 77 percent of Silvergate’s qualified commercial clients.
Silvergate serves a few of the cryptocurrency industry’s largest firms, including Coinbase, Bitstamp, Genesis Trading, and Blocktower Capital.