- Kraken users will be able to deposit and withdraw funds in USD.
- The users have to open an account with Silvergate Bank.
The US-based cryptocurrency exchange Kraken announced a partnership with Silvergate Bank to allow platform users to make quick commission-free transfers at any time of the day.
Kraken joined Silvergate Exchange Network (SEN) – Bank Internal Payment Platform.
We are pleased to announce that Kraken has joined the Silvergate Exchange Network (SEN). SEN is a proprietary internal payments platform developed by Silvergate Bank that enables fast transfers between account holders, the platform said in the dedicated blog post.
The exchange said that with SEN, verified Kraken Pro users would be able to deposit and withdraw funds in US dollars.
However, customers from the USA and other countries will need to pre-register with Silvergate Bank. The existing Silvergate customers will need to contact the Kraken support team to enable SEN funding for their account.
The bank is known for its bitcoin-friendly policies. Early in November, Silvergate got listed on the New York Stock Exchange (NYSE) and issued 3.33 million shares under the ticker SI at a price of $12 the total capitalization of the bank reached $40 million.