Crypto exchange Gemini joins Silvergate Bank’s 24/7 payments network

Exchanges • August 27, 2019, 9:25AM EDT
UPDATED: August 27, 2019, 10:13AM EDT
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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.

Source: Silvergate Bank, The Block

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Yogita Khatri profile picture Yogita Khatri

Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

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