Crypto exchange Kraken Joins Partnership With Silvergate Exchange Network (SEN)

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Crypto exchange Kraken Joins Partnership With Silvergate Exchange Network (SEN)

Crypto exchange Kraken Joins Partnership With Silvergate Exchange Network (SEN). Crypto exchange Kraken has announced its partnership with Silvergate Exchange Network (SEN). According to the terms of the agreement, Kraken users will now be able to leverage on SEN and use the platform for funding their accounts with zero fees and faster processing time.

With a customized API connection, SEN will allow customers to be able to transact; to deposit and withdraw in U.S. dollars and every exchange would be completed in their account in real-time; any time, any day.

Coming on a product of California state-chartered Silvergate Bank, the SEN platform will allow real-time users to complete transactions always, all round the clock instigating transactions both for withdrawals and deposits, all with the U.S. dollars. With Kraken partnering with the network, it becomes a whole lot more easier.

SEN Is Payment Platform Backed By US Bank Silvergate

Apparently, SEN is the major payment platform developed by San Diego-based Silvergate Bank. It has been operational and has an increasing customer base since 2017. Meanwhile, the company is recognized as one of the most crypto-friendly banks globally and just recently, it completed a successful IPO on the New York Stock Exchange.

According to a corresponding press release, Silvergate has earlier completed its Initial Public Offering (IPO) on the New York Stock Exchange in the early days of this month. The bank was able to amount tk $40 million by offering 3,333,333 shares of Class A common stock priced at $12 per share.

And in recent years, Silvergate has become more crypto-friendly to users and the team members alike. On the 28 of Oct. 28, the corporation filed in with the U.S. Securities and Exchange Commission (SEC) proving that as at Sept. 30, the bank has been able to completely serve 756 cryptocurrency clients, which shows a further increase of 15% than what was recorded in June.

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