Kraken, one of the largest and oldest Bitcoin exchanges in the world, has joined the Silvergate Exchange Network (SEN). By joining SEN, Kraken enables its clients to deposit and withdraw U.S. dollars from Silvergate accounts with no fees.
On November 27, it has been announced by the firm that the depositing process will be different based on whether Kraken users have a Silvergate account or not. If they have an account at Silvergate, Kraken users will simply have to enable SEN funding on their Kraken account before using the option. And those who do not have a Silvergate account will have to apply separately at the bank.
Likewise, Silvergate Capital is a California-based commercial bank focused on digital currency businesses. The Silvergate’s SEN is a network of crypto exchanges and investors that enables transactions of U.S. dollars between SEN members.
As it has been reported, Silvergate’s customers include crypto exchanges, miners and custodians, among others. However, the crypto-friendly bank saw its number of digital currency customers grow from 655 as of June 30, 2019, to 756 as of September 30, 2019, as Silvergate stated in a filing with the U.S. Securities and Exchange Commission.
It has been analyzed that in August 2019, the SEN added another important crypto partner, the Winklevoss brothers-founded exchange Gemini, and enabling faster transfers in U.S. dollars.
Thus, earlier this month, Silvergate Bank launched its shares for trading on the New York Stock Exchange under the ticker NYSE:SI.
Source: blog.kraken.com | cointelegraph.com