Cryptocurrency exchange Kraken announced today that it has joined the Silvergate Exchange Network (SEN) to give its clients more choice as they manage their assets.
Developed by California state-chartered Silvergate Bank, SEN enables real-time, around the clock deposits and withdrawals of U.S. dollars. Now that Kraken has become a part of the network, customers can leverage SEN to fund their Kraken accounts anytime without a fee, according to Kraken’s official statement.
Earlier this month, Silvergate completed its Initial Public Offering (IPO) on the New York Stock Exchange. The bank raised $40 million by offering 3,333,333 shares of Class A common stock priced at $12 per share, according to a press release.
Silvergate has tried to become more crypto-friendly in recent years. Its Oct. 28 filing with the U.S. Securities and Exchange Commission (SEC) shows that as of Sept. 30, the bank is serving 756 cryptocurrency clients, a more than 15% increase over June.