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Crypto exchange Kraken has now joined the Silvergate Exchange Network (SEN) adding more clients to the bank’s already robust members. With this partnership, Kraken has allowed its clients to make deposits and withdrawals to the exchange without paying any commissions.
The collaboration was announced by Kraken via a blog posting published on Wednesday, Nov. 29. The exchange boasted Silvergate’s experience in the crypto space and how it has become one of the leading services that offer quick and reliable payment transfers.
“We are pleased to announce that Kraken has joined the Silvergate Exchange Network (SEN). SEN is a proprietary internal payments platform developed by Silvergate Bank that enables fast transfers between account holders,” the blog read.
Service activation
Kraken users who already have a Kraken account can activate the service by contacting a Kraken Client Engagement Specialist. Once approved, head over to “Funding > USD > Deposit or Withdrawal > Select Silvergate Exchange Network (Domestic) or Silvergate Exchange Network (International) depending on your location and follow the instructions.”
For those who don’t have a Silvergate account, they’re instructed to separately open one with the bank. Upon completion, they can follow the instructions above to activate their account.
Silvergate’s crypto influence grows
As mentioned earlier, Silvergate has been one of the veteran financial firms that catered crypto customers even before the industry penetrated the mainstream scene. Silvergate first opened its doors to the nascent market in 2013 and has slowly cultivated client growth since then. In June, its crypto clients numbered at 655. But in September, that figure grew to 756, a 15% increase in just three months.
Winklevoss twins-owned cryptocurrency exchange Gemini joined the SEN in August this year.
Silvergate has also secured a note of effectiveness from the Securities and Exchange Commission on Nov. 8, allowing the bank to issue its initial public offerings. The firm is offering 3,333,333 shares of Class A common stock, with 824,605 shares coming from the bank itself while the rest of the 2,508,728 shares are from shareholders looking to sell.
The stocks are valued at $12 and Silvergate and its shareholders are poised to make $40 million if it manages to sell all of the shares. Also, the bank revealed that 77% of all its crypto clients are using SEN, a testament to the network’s solid foundation.
