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Cryptocurrencies

Gemini joins Silvergate Bank's payments network

Wednesday 28 August 2019 | 11:26 AM CET

Cryptocurrency exchange Gemini has joined Silvergate Bank’s payments network, which provides 24/7 access to nearly instantaneous money transfers.

As per a blog post, Gemini mentioned that the Silvergate Exchange Network (SEN) allows its institutional customers to deposit and withdraw US dollars to and from their Gemini account in real-time. While cryptocurrencies operate 24/7/365, fiat currencies have remained shackled to ‘banking hours’ or ‘business hours’. In this regard, SEN is an ‘important step toward changing this’.

The Block reported that SEN usage by crypto companies has increased, as the network’s trading volume grew to USD 8.6 billion in Q2 2019, more than double the volume the bank witnessed in the previous quarter.

More: Link
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