Silvergate launched Silvergate Exchange Network (SEN) Leverage as they welcome the Luxembourg based Bitstamp to the fold.
Bitstamp was unveiled as Silvergate’s newly found partner during the launch of the Silvergate Exchange Network (SEN) leverage. SEN developed by Silvergate bank whose HQ are based in California enables real time and around the clock deposits and withdrawals of USD.
Bitstamp is the first partner exchange to support SEN Leverage by @silvergatebank. We are excited to work with Silvergate to offer leverage trading collateralized by bitcoin to eligible institutional customers: https://t.co/deMLyiDTFn pic.twitter.com/cdG5PPyFwx
— Bitstamp (@Bitstamp) January 14, 2020
The SEN leverage would enable clients of the Silvergate bank to acquire loans in USD whose collateral would be by Bitcoin at specific digital currency exchanges. This meant that access to loans would be 24 hours in the 7 days of the week annually. SEN has seen an uptake of transactions since its launch in 2017 and recorded $10 billion just in the last quarter of 2019.
Allan Lane, Silvergate’s CEO explained that the clients had requested help in creating greater capital efficiency and hence had brought Bitstamp on board to help address the concern. He further stated,
“The integration and work that our collective teams have put into this over the past six months is a testament to the conviction we have to serve our customers.”
Bitstamp, a major digital cryptocurrency exchange that was founded in 2011, currently supports five cryptocurrency namely BTC, ETH, LTC, XRP and BCH on its platform. In 2019, their trade volumes averaged at $113 million.
Other big name digital crypto exchanges that have joined the Silvergate exchange network include Gemini who joined August and Kraken that joined in November 2019.
Silvergate’s crypto friendly approach has seen an upsurge based on the number volume of clients it has. According to their SEC filling in October 2019, shows that from the end of the previous quarter the bank has increased the number of cryptocurrency clients it handles by 15% to 756 clients.
Bitstamp’s upgrade their trading application
On January 7th 2020, Bitstamp unveiled their full service crypto trading application which was upgraded from the supporting role it had to a fully independent standalone trading application. The trading app would contain real time prices and a wallet. It enables the clients to make deposits and withdrawals with in app activation and registration also made available.