The Winklevoss-owned licensed digital asset exchange and custodian built for both individuals and institutions, Gemini has announced a partnership with Silvergate Exchange Network (SEN). Tyler Winklevoss also updated his Twitter account with news of the development.
— Tyler Winklevoss (@tylerwinklevoss) August 27, 2019
According to the official announcement, the partnership will allow Gemini’s institutional customers to make deposits and withdrawals in U.S. dollars to and from their Gemini account in real times. This partnership is particularly important for Gemini as this would loosen the restrictions around fiat transactions being limited to only banking and business hours.
According to Joshua Rawlins, Gemini’s Managing Director of financial operations,
“fiat currencies have for the most part remained shackled to ‘banking hours’ or ‘business hours.’ SEN is an important step toward changing this,”
As Gemini gets fully integrated with SEN APIs, Gemini customers would be able to move their fiat in and out of their Gemini accounts as easily as they can move cryptocurrency without time restrictions. Also, Gemini itself will be enabled to process transactions, particularly deposits and withdrawals automatically and instantaneously.
Gemini is a licensed digital asset exchange and custodian built for both institutional clients and individuals. It’s a New York trust company which is regulated by the New York State Department of Financial Services (NYSDFS). Gemini is subject to the capital reserve requirements and cybersecurity regulations as well as banking compliance policies set by the NYSDFS and the New York Banking Law.
Silvergate on the other hand is a body which allows for round-the-clock transfer of fiat, particularly U.S dollars. Earlier this month, it was reported that crypto firms are eager to partner with SEN. The network’s trading volume experienced a major boost and reached $8.6 billion in Q2 of 2019, which is more than double the volume the bank gained in the past.