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Kraken joins Silvergate Exchange Network to enable real-time funds transfers

Yilun Cheng

Cryptocurrency exchange Kraken announced today that it has joined the Silvergate Exchange Network (SEN) to give its clients more choice as they manage their assets.

Developed by California state-chartered Silvergate Bank, SEN enables real-time, around the clock deposits and withdrawals of U.S. dollars. Now that Kraken has become a part of the network, customers can leverage SEN to fund their Kraken accounts anytime without a fee, according to Kraken’s official statement.

Earlier this month, Silvergate completed its Initial Public Offering (IPO) on the New York Stock Exchange. The bank raised $40 million by offering 3,333,333 shares of Class A common stock priced at $12 per share, according to a press release.  

Silvergate has tried to become more crypto-friendly in recent years. Its Oct. 28 filing with the U.S. Securities and Exchange Commission (SEC) shows that as of Sept. 30, the bank is serving 756 cryptocurrency clients, a more than 15% increase over June.