Crypto exchange Gemini joins Silvergate Bank’s 24/7 payments network
Cryptocurrency exchange Gemini, founded by Tyler and Cameron Winklevoss, has just joined Silvergate Bank’s payments network, which provides 24/7 access to nearly instantaneous money transfers.
Gemini’s managing director of financial operations, Joshua Rawlins, announced the news in a blog post on Tuesday, saying that the Silvergate Exchange Network (SEN) allows its institutional customers to deposit and withdraw U.S. dollars to and from their Gemini account in real-time.
While cryptocurrencies operate 24/7/365, “fiat currencies have for the most part remained shackled to ‘banking hours’ or ‘business hours.’ SEN is an important step toward changing this,” Rawlins added.
Just earlier this month, The Block reported that SEN usage by crypto firms has increased dramatically. The network’s trading volume experienced substantial growth to $8.6 billion in Q219, more than double the volume the bank witnessed in the previous quarter.