Cryptocurrency exchange Kraken has announced joining the Silvergate Exchange Network (SEN) to enable real-time fund transfers.
According to Kraken’s official statement published Nov. 27, the exchange will be joining the Silvergate Exchange Network, which allows for real-time, 24/7 deposits and withdrawals.
We are pleased to announce that Kraken has joined the Silvergate Exchange Network (SEN). Details here: https://t.co/NbU3pIErB6— Kraken Exchange (@krakenfx) November 27, 2019
SEN is the proprietary internal payments platform developed by the crypto-friendly Silvergate Bank, which made its IPO debut on the New York Stock Exchange (NYSE) earlier in the month. SEN-based transfers are limited to US dollar deposits and withdrawals but do not require a transaction fee.
The official update states:
“Now that Kraken is part of the network, you can leverage SEN to fund your Kraken account within minutes and with no fees, 24/7.”
Kraken clients will first be required to set up a separate account at Silvergate, or link their existing account through the use of a Kraken Client Engagement Specialist.
A U.S. Securities and Exchange Commission (SEC) filing on Oct. 28 showed that Silvergate, who raised $40 million through its IPO, serves more than 750 cryptocurrency businesses and clients.
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