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.

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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 is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.

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