Silvergate is a significant cryptocurrency bank best recognized for supporting the establishment of El Salvador’s cryptocurrency wallet, Chivo.
Significant cryptocurrency exchange with a new relationship with Silvergate, a California state-chartered bank, Crypto.com continues to expand its crypto on-ramp and off-ramp solutions.
On November 30, Crypto.com announced that it is partnering with Silvergate to permit institutional clients to deposit and withdraw funds using the US dollar (USD).
Bank transfers to and from the Crypto.com exchange are now allowed for institutional investors, according to the statement. Institutional clients can make use of Silvergate to send USD between their bank accounts and Crypto.com without incurring any costs.
The new service is made possible through the Silvergate Exchange Network, a payments infrastructure that allows users to exchange US dollars immediately at any time of day. According to the statement, the feature would be offered to institutional clients in all exchange-available markets.
The new function, according to Kris Marszalek, Crypto.com co-founder and CEO is “much sought” and supports the company’s mission of hasting up the world’s transition to cryptocurrency. “We’re thrilled to partner with Silvergate to offer our institutional clients an additional fiat on/off ramp solution,” he added.
Crypto.com has partnered with Circle, the stablecoin issuer of USD Coin (USDC), to offer USD deposits and withdrawals on its platform.
In August 2021, Crypto.com started accepting withdrawals from institutional clients via USD bank transfers via the Circle API in more than 60 nations. The exchange previously worked with Circle to allow users in more than 30 countries to make USD deposits and USDC transfers.
Silvergate is a crypto-focused bank that is the issuer and manager of Facebook’s not-yet-launched digital currency Diem USD. The bank also aided with the introduction of Chivo, El Salvador’s government-backed Bitcoin (BTC) wallet, by acting as a responsible agency for Chivo’s US dollar transactions.
What is the Silvergate Exchange Network, and how does it work?
The Silvergate Exchange Network (SEN) allows our digital currency and institutional investor clients to transmit US dollars between their Silvergate accounts and the accounts of other Silvergate clients 24 hours a day, 7 days a week, 365 days a year.
This can be done through API or an online banking interface, allowing for real-time transfers and instant access to funds.
To be eligible for SEN, you must have an active banking relationship with Silvergate. There are no SEN-specific costs, however, depending on the activity, typical bank charges and fees apply.
What Is Crypto.com?
Crypto.com is a cryptocurrency exchange that offers services like trading, investment, staking, wallets, and non-fungible tokens (NFTs). This exchange supports over 150 different currencies, has moderate fees and offers discounts to individuals who have a large position in Crypto.com Coin (CRO). Its ecosystem of crypto-related items may be a suitable fit for people trying to get the most out of their coin.