Kraken, one of the largest and oldest Bitcoin (BTC) exchanges in the world, has joined the Silvergate Exchange Network (SEN). By joining SEN, the United States-based cryptocurrency exchange enables its clients to deposit and withdraw U.S. dollars from Silvergate accounts with no fees, the firm announced Nov. 27.
According to the announcement, the depositing process will be different based on whether Kraken users have a Silvergate account. If they have an account at Silvergate, Kraken users will simply have to enable SEN funding on their Kraken account before using the option. Those who do not have a Silvergate account will have to apply separately at bank.
Silvergate Capital is a California-based commercial bank focused on digital currency businesses. The Silvergate’s SEN is a network of crypto exchanges and investors that enables transactions of U.S. dollars between SEN members.
Silvergate’s customers include crypto exchanges, miners and custodians, among others. The crypto-friendly bank saw its number of digital currency customers grow from 655 as of June 30, 2019 to 756 as of Sept. 30, 2019, as Silvergate stated in a filing with the U.S. Securities and Exchange Commission.
In August 2019, the SEN added another important crypto partner, the Winklevoss brothers-founded exchange Gemini, enabling faster transfers in U.S. dollars.
Earlier this month, Silvergate Bank launched its shares for trading on the New York Stock Exchange under the ticker NYSE:SI.