Great news for Kraken users as Silvergate Exchange Network (SEN) adds the cryptocurrency exchange to its network.
This is according to an official announcement by Kraken on November 27, 2019. The announcement disclosed that the Silvergate Exchange Network will offer strong API and immediate payment solutions to Kraken users in USD. All transactions will also attract zero fees.
Silvergate bank first forayed into the crypto space as far back as 2013. This was a time when the digital currency was still basically in its infancy state. Most institutions and government paid no attention to the budding technology then. Silvergate, however, supposedly saw potential in cryptocurrency and decided to support it. Five years on and their hard work and faith is definitely paying off. Cryptocurrency has attracted the attention of governments all over the globe. Research has shown that crypto is being adopted and several people see it as the future. Thus a recent report by the US SEC revealed that Silvergate currently boasts of more than seven hundred and fifty crypto-related clients.
It is also currently one of the best choices for crypto-related business transactions.
It provides users with the ability to trade anywhere and anytime. This also includes banking non-operational hours. This internal payment platform is the Silvergate Exchange Network (SEN).
Kraken joins the team
The San Francisco-based cryptocurrency exchange revealed that SEN will enable Kraken’s users to deposit and withdraw funds at any time via the US dollars.
SEN boasts of the Silvergate platform as its members. Platforms like CEX.io, Gemini and Coinbase. However, to make use of this platform, Kraken users must have a Silvergate bank account.
To get one, you need to contact the Kraken Client Engagement Specialist to verify and enable the account for SEN funding.
Silvergate also recently completed its first initial public offering (IPO) this month. Raising more than $40 million. It sold 3,333,333 shares at $12 each.