Kraken and Silvergate Bank make transfers 24 hour and free

David Kemp

The Kraken cryptocurrency exchange, which is registered in the United States, has become a partner of Silvergate Bank. Through cooperation, the service intends to make transactions more attractive to the client. To do this, the Kraken exchange became part of the Silvergate Exchange Network. This platform is used to process bank internal payments.

Opportunities Offered by Cooperation between Kraken and Silvergate Bank

Exchange employees are confident that SEN will allow verified users of the crypto-exchange to replenish deposits and withdrawals from accounts in US dollars. To obtain this opportunity, the client will be required to register with Silvergate Bank.

A financial institution has repeatedly demonstrated its friendly attitude to cryptographic currency. So, at the beginning of the month she issued 3.3 million shares on the New York Stock Exchange. Securities are traded under the ticker SI. The share price is at around $ 12. In total, thanks to the IPO, the bank raised about $ 40 million.

Silvergate Bank capitalization jumped after entering NYSE

The securities of California-based Silvergate Bank rose in price after it was listed on the New York Stock Exchange. The value of the asset began to cost 6.3% more than the initial offer. As a result, it increased from 12 to 12.74 dollars per paper.

When registering in the Securities and Exchange Commission, Silvergate Bank filed an application stating the number of customers served - more than 750. Many of them are associated with blockchain technology.

In total, $ 1.8 billion of deposits were opened on the bank’s accounts, and the total assets amounted to $ 2.1 billion. Given the cost of shares at an IPO of $ 12, the capitalization of a financial institution is $ 229 million.

A year ago, Silvergate Bank had about 480 customers with deposits of $ 1.7 billion. The bank is actively developing and interest in cryptocurrencies helps in this.

Distributed registry technology is constantly improving. We invite you to read the article “Is there an equivalent alternative to Blockchain?”. It will introduce other developments that are analogues of blockchain.

What Should You Know about Cryptocurrency Transaction Speed

Under the term “speed of transactions” we understand the cumulative time that it takes systems to produce them. If the parameter is high, customers are more likely to be satisfied, and the system itself is stable. Significant financial weaknesses have led many users to become interested in cryptographic currencies and distributed registry technologies.

When transferring cryptocurrencies, transaction speed is of great importance. Banks can carry out financial transactions for several days, especially with regard to transfers to another country. With cryptocurrency, even a few minutes of waiting can be stressful for users.

Several parameters affect the transaction speed in digital coins:

  • Average commission
  • Volume of transfer
  • Transaction Type

Recommendations for Accelerating Transactions during Cryptocurrency Transfer

There are simple ways to increase the speed of operations. Let's consider them in more detail.

Use fast cryptocurrencies

Kraken exchange allows you to conduct operations with various digital money. You can withdraw any cryptocurrency from the account. With frequent transfers of coins, it is preferable to use those of them whose network is fast. An example is Litecoin, in which a block is created in 2 minutes. The system slightly increased commissions, but even the use of regular fees will allow you to get into a higher block.

Increased commissions

Digital currency wallet offers a standard fee by default. If the transfer speed is fundamental, then you can specify an increased commission. This will shorten the operation time. It is important to remember: increased transaction costs do not guarantee that the transaction will be carried out in the next block.

Gas settings 

Increasing restrictions and the cost of gas (especially relevant for Ethereum mining) will lead to an increase in transaction speed. An increase in the amount of the payment commission moves the operation up. As a result, the chances of making settlements in the next block are growing.

Some wallets allow you to set limits and the cost of gas. The use of these parameters is especially relevant when transferring money when participating in an ICO. Do not set increased limits on gas, this does not bring real help, and in some cases is the reason for canceling the transaction.

Create New Transactions

This method can cause additional costs, but thanks to it, the transaction speed increases. If the operation is delayed, you can once again make the transfer by setting a higher commission to the desired address. Sometimes this allows you to get ahead of the block being processed.

It is important to remember that due to the payment of two commissions, both transactions will be carried out. The only exception is a technical error that can cause cancellation.

Transaction Accelerator

Some mining pools offer customers transaction acceleration services. This leads to increased collection. Increased costs will make the deal more priority, and it will be included in the next mined block. This tip is especially relevant for transactions that are not confirmed within 48 hours.

Customers of Kraken exchange positively accepted cooperation with Silvergate Bank. Many of them make deposits and withdrawals in fiat dollars. If you are interested in cryptocurrency transactions, including trading, consider using the Kraken cryptocurrency exchange. It is reliable and absolutely legal. And cooperation with banks increases the convenience of conducting cash transactions.