According to the official announcement made today cryptocurrency exchange Kraken has joined the prestigious Silvergate Exchange Network that offers robust API and real-time settlement solutions in USD.
Silvergate bank embraced the concept of cryptocurrency long back in 2013, at a time when most financial institutions would rather prefer to stay miles away from Bitcoin and its wrongly perceived image as being a scam. Indeed, it was a bold move. However, five years down the line, it has paid off. According to a recent filing with the US Securities and Exchange Commission (SEC), Silvergate has over seven hundred and fifty crypto-related clients.
Today, it is one of the most preferred banking partners among crypto-related businesses. It maintains its distinctiveness by integrating with exchanges’ APIs and offering its institutional traders an opportunity to trade assets from anywhere and anytime, even during the bank’s non-operational hours. This proprietary internal payments platform is known as the Silvergate Exchange Network (SEN).
Silvergate brings yet another cryptocurrency exchange onboard its growing ecosystem
On 27th November 2019, San Francisco-based cryptocurrency exchange Kraken decided to get on board this network, that boasts of reputable platforms like US-based CEX.io and Winklevoss Twins’ Gemini and Coinbase, and provide its customers with more say in managing their funds. SEN will enable Kraken users to make deposits and withdrawals 24/7 using US dollars.
With Kraken joining the SEN consortium, Kraken account holders can trade from anywhere at any time without any fees. If you have a Silvergate bank account, all you need to do is get in touch with the Kraken Client Engagement Specialist to verify and enable the account for SEN funding. If you do not have a Silvergate account, then you need to apply for one before proceeding to contact the Kraken Client Engagement Specialist. The step-by-step guide to depositing funds is given here.
Meanwhile, Silvergate successfully completed its first initial public offering this month and raised around forty million US dollars ($40 million) by selling 3,333,333 shares priced at twelve US dollars ($12) each.
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