Silvergate Announces Expansion of Silvergate Exchange Network to Include Euros

Rhea-AI Summary

Silvergate Capital Corporation (NYSE: SI) has launched Euro SEN, an extension of its Silvergate Exchange Network (SEN), allowing customers to transfer euros 24/7. This development follows the SEN surpassing $1 trillion in cumulative payment volumes, catering to the needs of digital currency customers. The Euro SEN utilizes the same technology as the existing U.S. dollar SEN, offering immediate access to euro funds and enabling seamless conversion between euros and U.S. dollars. This innovation aims to enhance trading opportunities and mitigate overnight price fluctuation risks for clients.

Positive

• Launch of Euro SEN expands service offerings, enabling real-time euro transfers.
• SEN exceeded $1 trillion in cumulative payment volumes, indicating strong customer reliance.
• Enhances trading opportunities by minimizing overnight pricing exposure.

Negative

• None.

LA JOLLA, Calif.--(BUSINESS WIRE)-- Silvergate Capital Corporation (“Silvergate” or the “Company”) (NYSE: SI), the leading provider of innovative financial infrastructure solutions to the digital currency industry, today announced Euro SEN – an expansion of the Silvergate Exchange Network (“SEN”) – to enable customers to transfer euros in near real-time, 24 hours a day, 7 days a week.

“The SEN, which recently crossed $1 trillion in cumulative payment volumes, is integral to the everyday operations of our digital currency customers,” said Alan Lane, chief executive officer of Silvergate. “The launch of Euro SEN is an extension of our commitment to building a superior payments platform, and we are excited that our customers can now move euros 24/7 just as they do U.S. dollars.”

Euro SEN was built using the same technology as the existing U.S. dollar SEN payment rails and enables customers to send euros to other Silvergate customers with immediate access to funds. Additionally, customers can seamlessly convert euros to and from U.S. dollars in near real-time.

The technology, which is accessible through Silvergate’s proprietary API and its online banking platform, allows digital currency exchanges and institutional investors to limit exposure to overnight price fluctuations around the world and take advantage of additional trading opportunities.

About Silvergate

Silvergate Capital Corporation (NYSE: SI) is the leading provider of innovative financial infrastructure solutions and services for the growing digital currency industry. The Company’s real-time payments platform, known as the Silvergate Exchange Network, is at the heart of its customer-centric suite of payments, lending and funding solutions serving an expanding class of digital currency companies and investors around the world. Silvergate is enabling the rapid growth of digital currency markets and reshaping global commerce for a digital currency future.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220215005242/en/

For Silvergate:

Natalie Short

press@silvergate.com

Source: Silvergate Capital Corporation

FAQ

What is Euro SEN by Silvergate Capital Corporation (SI)?

Euro SEN is an extension of the Silvergate Exchange Network that facilitates near real-time euro transfers 24/7 for customers.

How does Euro SEN benefit Silvergate customers?

Euro SEN allows customers to transfer euros instantly and convert them to U.S. dollars, reducing exposure to price fluctuations.

When was Euro SEN launched by Silvergate (SI)?

The Euro SEN was announced recently, with no specific date mentioned in the press release.

What payment volume milestone did Silvergate's SEN reach?

Silvergate's SEN has surpassed $1 trillion in cumulative payment volumes.

How does Euro SEN relate to the existing services offered by Silvergate (SI)?

Euro SEN utilizes the same technology as the U.S. dollar SEN, expanding Silvergate's financial services for digital currency customers.