Kraken Joins Silvergate Exchange Network Enabling Fee-Less, Real-Time Transfers

  • Crypto exchange Kraken has announced joining the Silvergate Exchange Network (SEN).
  • The exchange's users can transfer funds 24/7, in real-time, without paying a fee. 

Cryptocurrency exchange Kraken has announced joining the Silvergate Exchange Network (SEN) to enable real-time fund transfers. 

According to Kraken’s official statement published on November 27, the exchange will be joining the Silvergate Exchange Network, which allows for real-time, 24/7 deposits and withdrawals. 

SEN is the proprietary internal payments platform developed by the crypto-friendly Silvergate Bank, which made its IPO debut on the New York Stock Exchange (NYSE) earlier in the month. SEN-based transfers are limited to US dollar deposits and withdrawals but do not require a transaction fee. 

The anouncement states:

Now that Kraken is part of the network, you can leverage SEN to fund your Kraken account within minutes and with no fees, 24/7.

Kraken clients will first be required to set up a separate account at Silvergate, or link their existing account through the use of a Kraken Client Engagement Specialist

A U.S. Securities and Exchange Commission (SEC) filing on October 28 showed that  Silvergate, who raised $40 million through its IPO, serves more than 750 cryptocurrency businesses and clients. 

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