Silvergate, a commercial bank that predominately services the digital asset industry, operated a proprietary payment network called SEN (Silvergate Exchange Network) which offered 24/7 access to near-instantaneous USD transfers among the bank's growing digital currency client base of exchanges, funds, and businesses.
The SEN network was favorable among institutional investors, as it helped investors execute a number of trading strategies across global exchanges. The SEN network also enabled cloud-based transaction APIs for clients to build into their own in-house trading infrastructure.
On March 8, 2023, it was announced that Silvergate Bank would wind down its operations and liquidate.