Bitcoin exchanges Kraken teams up with Silvergate

Silvergate Capital is a commercial bank focused on digital currency businesses, and its SEN is a network of crypto exchanges and investors that allows transactions of US dollars between SEN members. Silvergate’s customers include crypto exchanges, miners, and custodians, among others.

As part of the agreement, the clients of the US-based crypto exchange will be enabled to deposit and withdraw US dollars from Silvergate accounts with no fees. However, the depositing process will depend on whether Kraken users have a Silvergate account. In case they do, Kraken users will have to enable SEN funding on their Kraken account before using the option. In case they do not have a Silvergate account, they will have to apply separately at bank.