Kraken Joins Silvergate Exchange Network
The partnership with the Silvergate bank will allow for easier transfers of funds for Kraken traders.
The Kraken exchange, one of the most liquid markets, has joined the Silvergage Exchange Network, the market operator announced. SEN is a payment platform created by the Silvergate bank, for faster transfers of funds between Kraken account holders.
Silvergate bank is dedicated to offering fast crypto-related services, becoming one of the most reliable gateways. The bank offers a 24/7 on-ramp to deposit funds to a Kraken account, as delays can be crucial within the crypto space.
The bank partnership offers zero-fee USD deposits for verified clients. Using the SEN service is subject to approval on the side of Kraken, and is not automatic.
The Kraken exchange has hosted both European and international interest in crypto trades. The market operator is among the leading fiat carriers in the EU. The exchange is also the only fiat off-ramp for Tether (USDT).
But Kraken also attempts to take a piece of the BTC futures markets. Its activity is relatively low, but Kraken lines up among top derivative markets.
Kraken also offers its futures platform through a new Android app, joining the trend of offering a more active derivative market.
Banking access is crucial for exchanges, as some market operators struggle to find partners. Some of the largest banks have given up on crypto trades, while smaller banks have attempted to take that niche. Kraken still offers an advantage with fiat deposits.
Kraken is also used for arbitrage, as the exchange has the most active BTC/USD and BTC/EUR pairs, with a direct fiat connection. Price differences also lead to significant inflows to the exchange, depending on the price differential.
The option to send funds fast would also mean Kraken may become an important stepping stone for US-based trading interest. Kraken is also one of the preferred exchanges for miners, as it allows an immediate fiat off-ramp.