Kraken, one of the largest and oldest bitcoin exchanges in the world, has joined the Silvergate Exchange Network (SEN). As a member of SEN, users of the US Crypto Exchange can now make deposits and withdrawals without charge in US dollars to Silvergate accounts, the company announced on November 27.
According to this announcement, the deposit process differs depending on whether Kraken users have a Silvergate account or not. If the user has an account at Silvergate, he just has to activate the SEN payments on his Kraken account and then use the option. Those who do not have a Silvergate account must submit a separate application to the bank.
The number of cryptographic customers on Silvergate is increasing
Silvergate Capital is a California commercial bank specializing in digital money transactions. Silvergate SEN is a cryptographic exchange and investor network that facilitates US dollar transactions between SEN members.
As noted, Silvergate's customers include cryptographic exchanges, miners and depositories. The number of customers using a digital currency in the crypto-user-friendly bank increased from 655 to 756 from June 30, 2019 to September 30, 2019, as disclosed by Silvergate in a document to the US Securities and Exchange Commission.
In August 2019, another key cryptography partner joined SEN. The Gemini Exchange, founded by the Winklevoss brothers, can now offer faster transfers in US dollars.
Earlier this month, Silvergate Bank issued its shares on the NYSE under the symbol NYSE: SI.