Gemini and Silvergate: A Strategic Partnership
In a move poised to enhance the crypto landscape, Gemini, the well-known exchange founded by the Winklevoss twins, is teaming up with Silvergate Bank. This partnership, announced in an official blog post on August 27, emphasizes the exchange’s commitment to improving real-time fiat money transfers for its users.
The Advantages of Real-Time Fiat Transfers
One of the main highlights of this collaboration is the ability for Gemini’s institutional investor clients to manage their funds with enhanced flexibility. No longer will clients have to wait for the traditional banking hours—withdrawals and deposits of U.S. dollars can now occur at any time, setting a new standard in the realm of fiat money transactions, even if it’s already common practice in the crypto sphere.
Automation with Silvergate Exchange Network (SEN)
Additionally, Gemini’s integration with the SEN’s application programming interface (API) brings a significant technological advantage. This innovation allows for automatic processing of customer deposit and withdrawal requests, all in real-time. No more waiting, no more fuss—just smooth sailing for crypto investors looking to manage their money efficiently.
Silvergate’s Customer Surge
Meanwhile, Silvergate Bank has been riding high with a notable surge in growth. During the last quarter of 2018, the bank reported an increase of nearly 60 new crypto customers, bringing their total to 542. This uptick indicates strong market confidence in their services and further solidifies their role in the burgeoning digital currency sector.
Market Insights from Silvergate
According to a recent filing with the U.S. Securities and Exchange Commission (SEC), Silvergate provided interesting insights into the state of crypto investments. As of now, over $8.3 billion has been pumped into digital currency-related projects since 2013, underscoring the robust and growing appetite for investments in this sector.
Gemini’s Global Expansion: Hello Australia!
Gemini isn’t just focused on partnerships—it’s also expanding its services globally! Recently, the exchange announced its rollout in Australia, allowing residents to access its cryptocurrency exchange and custodial services via mobile apps on both iOS and Android. With this move, Gemini is making strides toward ensuring that more users around the globe can participate in the crypto revolution.
What Does This Mean for Crypto Investors?
For investors, the implications are enormous: more flexibility with fiat transactions, faster processing times, and broader access to cryptocurrency trading platforms. As partnerships like these develop, many will be keenly watching how they impact the shifting landscape of digital finance.
