One of the biggest and oldest Bitcoin(BTC) exchange in the world, Kraken,has joined the Silver gate Exchange Network (SEN). By connecting with SEN, the U.S based cryptocurrency exchange allows its purchasers to deposit and withdraw U.S bucks from Silvergate accounts with no fees, the firm declared on November 27.
The depositing method are going to be completely different based on whether Kraken users have a Silvergate account, according to the announcement.
Kraken users will simply gave to enable SEN funding on their Kraken account before using the option if they have an account at Silvergate. People who do not have a Silvergate account will have to apply separately at bank.
Silvergate’s cryptocurrency consumer base continues to grow.
Silvergate Capital is a California based commercial bank centered on digital currency businesses. The Silvergate’s SEN is a network of cryptocurrency investors and exchanges that allows transactions of United States dollars between SEN members.
Silvergate’s customers embrace cryptocurrency exchanges, custodians and miners, among others as reported.
The cryptocurrency-friendly bank saw its variety of digital currency customers rise/grow from 655 a of June 30,2019 to 756 as of September 30,2019, as Silvergate declared in a filling with the United States Exchamge Commission and Securities.
The SEN added another important cryptocurrency partner, the Winklevoss brothers-founded exchange Gemini,in August 2019, assisting quicker transfers in United States dollars.
Silvergate Bank released its shares for trading on the New York Stock Exchange under the ticker NYSE:SI earlier this month.