Silvergate, a commercial bank that predominately services the digital asset industry, operates a proprietary payment network called SEN (Silvergate Exchange Network) which offers 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 is favorable among institutional investors, as it helps investors execute a number of trading strategies across global exchanges. The SEN network also enables cloud-based transaction APIs for clients to build into their own in-house trading infrastructure.
According to Silvergate's S1 (filed in late 2019) the SEN network serves more than 75% of the total addressable digital asset market, and therefore is a proxy for overall market activity and health.