Kraken Crypto Exchange Becomes Member of Silvergate Exchange Network (SEN)
Kraken, a popular US-based cryptocurrency exchange, has become a member of Silvergate Exchange Network (SEN), paving way for the former’s clients to withdraw and deposit the US dollars from Silvergate accounts without incurring any charges.
California-based Silvergate Capital is a commercial bank fixated on digital currency businesses.
The Silvergate’s SEN includes a network of cryptocurrency exchanges and investors that facilitates US dollar dealings between members of the network.
The procedure to be followed to deposit greenback will be dependent on whether a customer has account with Silvergate. In case a Kraken client has a Silvergate account, SEN funding should be enabled on the Kraken account before using the facility.
A separate application needs to submitted to bank for opening a Silvergate account.
Silvergate’s clients include miners, cryptocurrency exchanges, custodians, etc. The bank’s digital currency dealing customers increased from 655 at the end of June 30, 2019 to 756 at the end of September 30, 2019. The increase in clients was disclosed in a filing with the U.S. Securities and Exchange Commission.
In August 2019, the SEN signed up Winklevoss brothers-founded cryptocurrency exchange Gemini as its crypto associate, facilitating quick US dollar transfers. Earlier in November, Silvergate Bank got its shares listed on the NYSE (New York Stock Exchange), under the ticker SI.