In an effect to speed up fiat transfers, Gemini, the cryptocurrency exchange established by Winklevoss twins, has become a member of Silvergate Exchange Network (SEN), a crypto-friendly bank of Silvergage.
Through an official blog post, Gemini announced the strategic initiative. The partnership has paved for Gemini’s institutional clients to move the US dollars from their account or withdraw them quickly at any point in time.
The report has pointed out that such a scenario exists only in the crypto world and not in transactions involving fiat money.
Furthermore, as per the announcement, Gemini is incorporated in SEN’s application programming interface (API). That permits Gemini to handle their client’s deposit and withdrawal requests in real-time and automatically.
The latest filing with the US SEC (Securities and Exchange Commission) indicates that Silvergate has acquired 60 new crypto dealing clients in the final quarter of 2018. Furthermore, according to the filing, Silvergate offered its service to 542 clients involved in cryptocurrency, up from 483 in September 2018.
Silvergate, in its recent filing, has explained how far it is involved in crypto and blockchain market by providing investment details.
“Over $8.3 billion has been invested in digital currency-related projects, excluding initial coin offering funding, since December 31, 2013. Approximately $1.3 billion in venture funding was raised in the digital currency and blockchain market in the 12 months ended June 30, 2018, which is the most recent date such information is available.”
Last week, Gemini announced that it is entering into Australian market by offering its trading platform and custodial facility to the country’s residents through mobile apps for both iOS and Android phones.
