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Winklevoss twins-owned Gemini joins Silvergate Exchange Network for 24/7 payments transfer

Image Credit: www.rakeenbd.com

Wed, 28 Aug 2019, 04:30 am UTC

Winklevoss twins-backed cryptocurrency exchange Gemini has joined crypto-friendly U.S. bank Silvergate Exchange Network (SEN) to offer fast fiat transfers.

Under the partnership, Gemini’s institutional clients can now transact in U.S. dollars “24 hours a day, 7 days a week, and 365 days a year.” Of note, although this activity is industry standard for cryptocurrencies, “fiat currencies have for the most part remained shackled to ‘banking hours’ or ‘business hours’,” a blog post noted.

The announcement further revealed that Gemini is integrated into the SEN’s cloud-based application programming interface (API), allowing the exchange to process clients’ deposit and withdrawal requests immediately and in real-time.

Last week, SEN revealed that it plans to offer cryptocurrency-collateralized loans in its updated IPO filing with the United States Securities and Exchange Commission after it witnessed “significant demand” from its existing and prospective customers for borrowing for the purposes of buying digital currency.

The planned service would involve the borrower providing digital currency or U.S. dollars as collaterals in an amount that is significantly greater than the line of credit. The bank plans to collaborate with one or more of its exchange clients to implement the solution and projects to launch the credit product later this year to select institutional clients.

Gemini, on the other hand, announced that it will expand its services to Australia, allowing local crypto users to access the Gemini Mobile App to sell, buy, and trade cryptocurrencies, including bitcoin, bitcoin cash, ether, zcoin, and litecoin.

The Australian branch is Gemini’s sixth international location. The exchange’s services are now live in Canada, South Korea, Hong Kong, Singapore, and the United Kingdom.

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