Binance US Joins Silvergate Exchange Network (SEN) to ‘Unlock’ New Institutional Clients
Binance U.S announced that it had debuted institutional client services following a partnership with Silvergate, a Fintech and crypto-oriented bank. This U.S affiliate of the Binance crypto exchange has now been operational for close to a year.
It touts a wide range of services, including buying, trading, and earning digital assets such as Bitcoin. A partnership with Silvergate Bank further increases the value proposition of Binance U.S by making it seamless for institutions to access their platform.
According to the official announcement by Binance U.S on Nov 9, the move will enable institutional clients to transact 24/7 via the Silvergate Exchange Network (SEN). This platform is used by a couple of crypto giants to process real-time transactions and access crypto services that would have otherwise been out of reach, given regulatory limitations. In fact, a recent earnings report by Silvergate revealed that SEN that been quite profitable in the past year, with net income for Q3 at $7.1 million.
As of yesterday, Binance U.S institutional clients can register for the SEN account to leverage transactional operations' underlying efficiency. Catherine Coley, the CEO of Binance U.S, commented that,
“We’ve launched SEN for our corporate clients, so now they’re able to move dollars through Silvergate around the clock instantaneously …
It’s a huge advantage for clients that are trying to get funds into Binance.US to be able to buy and sell cryptocurrencies, and we’re excited to see the impact on the rest of our liquidity.”
She went on to add that the integration with SEN will open up opportunities for institutions that were previously blocked from Binance U.S or not able to use the platform due to the difference in operating style. Notably, the SEN API integrations have been successful with testing done on roughly a dozen institutional clients.
According to Coley, the exchange has witnessed around 5 times growth in their trading behavior within the testing period alone. Silvergate’s CEO, Alan Lane, also expressed confidence in the partnership,
“We are thrilled to welcome Binance.US to our rapidly growing Silvergate Exchange Network (SEN).
Binance.US’s vision to increase the freedom of money through its powerful cryptocurrency exchange benefits its customers and promotes the digital asset industry's growth.
We are confident the SEN will accelerate their vision and bring value to their business.”