Winklevoss' Gemini Joins Silvergate Exchange Network

Neil Dennis

Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has joined the Silvergate Bank's payments network, the company announced on a blog post on Tuesday.

Joshua Rawlins, Gemini's director of financial operations, said on the Medium blogsite its addition to the Silvergate Exchange Network (SEN) would allow institutional customers to deposit and withdraw cash from their Gemini accounts instantly and at any time.

Expanding Their Offering

The Winklevoss twins appear keen to improve the mechanics of their exchange and cryptocurrency offerings, stepping up efforts to expand their exposure. Indeed, they announced on August 21 that Gemini was now available to customers in Australia.

Furthermore, a little more than a week ago, when interviewed on a CNN Business podcast, the twins announced they had been in talks about joining the Libra Association - the collective of technology, payments, exchange and venture capitalists joining Facebook in a corporate cryptocurrency project that hopes to launch in 2020.

The Crypto Bank

Silvergate, meanwhile, has striven to be identified as the go-to institution for cryptocurrency banking services and, earlier this month, announced plans to add crypto-lending to its SEN offering. 

It has been rapidly building its roster of crypto-industry clients and in its last IPO prospectus update in June, numbered 655 such customers - up from 540 in December. Earlier in August, the Block reported SEN usage had jumped sharply in the second quarter, with trading volume of $8.6 billion - more than double that reported in the previous quarter.