Kraken Joins the Silvergate Exchange Network: A Game-Changer for Crypto Transactions

What is the Silvergate Exchange Network (SEN)?

The Silvergate Exchange Network is like the buddy system for cryptocurrency exchanges and investors, making it easier to transfer U.S. dollars without feeling like you’re stuck in a slow carpool line. It was designed to cater to a growing clientele in the crypto space, allowing for smooth transactions across various platforms.

Kraken Takes a Leap into SEN

Kraken, one of the grandfathers of Bitcoin exchanges, decided to hop on the SEN train. In their recent announcement on November 27, they made it clear: no fee, no fuss for Kraken clients who want to deposit and withdraw dollars from Silvergate accounts. It’s like they’ve taken the sting out of crypto banking.

Getting Started with Kraken and SEN

So, how does one start using this seamless transfer system? Well, it all depends on whether you’ve got a Silvergate account or not:

• If you have a Silvergate account: Simply enable SEN funding in your Kraken account settings. Easy peasy!
• If you don’t have a Silvergate account: Time to do some paperwork! You’ll need to apply separately with the bank to get rolling.

Silvergate’s Rapid Growth in the Crypto World

Silvergate Capital, the bank behind the SEN, is not just sitting idle. They’ve been racking up clients faster than you can say Bitcoin. Their customer base grew from 655 digital currency clients in June 2019 to a whopping 756 by September 2019. That’s like adding a whole new section to your favorite restaurant menu – people just can’t get enough!

Previous Partnerships and New Developments

The SEN has previously partnered with notable exchanges, like Gemini, founded by the Winklevoss twins, which only adds to its credibility. Not just content with boosting their customer base, Silvergate Bank also got its big break by launching shares on the New York Stock Exchange under the ticker symbol SI, making the rounds in both banking and blockchain conversations.

Final Thoughts: The Future of Crypto Transactions

With Kraken’s entry into the SEN, we may just be witnessing a new era of easier crypto transactions. If you’ve ever experienced the pain of transferring funds, you’ll welcome these developments with open arms. It seems that the future of crypto trading is looking smoother, one transaction at a time.