Bitstamp Exchange Partners With Silvergate Crypto Bank For ‘SEN Leverage’ Launch

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.

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.

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide