Chicago-based cryptocurrency exchange ErisX has integrated with the Silvergate Exchange Network (SEN) in a move to offer its clients more access to their fiat funds.
The SEN network is supported by crypto-friendly California-based Silvergate Bank and its integration with ErisX will enable the latter’s clients to deposit and withdraw Dollar amounts within business hours (7 am to 7 pm CT) at no fees. However, it is worth noting that the SEN network is available around the clock 24 hours a day, 7 days a week.
According to a press release on Tuesday, ErisX noted that the SEN integration with its spot trading platform and clearinghouse represents the simplest way to move funds.
The TD Ameritrade-backed ErisX supports trades from institutional clients which makes the integration with SEN even more important, especially for its clients. Often retail clients have more flexibility when moving money around, however, institutions have more risk factors to consider which limits their options. Having an easier way to switch between fiat and crypto is a great service, not to mention the low to no-fees (at the moment).
“ErisX is a bridge between the established capital markets and the entrepreneurial spirits in crypto that have driven the creation of a 24/7 spot market,” ErisX’s CEO Thomas Chippas said in a statement.
“We bring a secure and transparent workflow to the crypto space and expand business hours for our institutional members by giving them a wider withdrawal window with fiat by joining SEN.” ErisX is a CFTC-regulated entity that now offers both futures and spot market trading services.
Silvergate Exchange Network counts several crypto-related service providers as clients including both Coinbase and Kraken which are leading trading platforms in the United States.
“We are pleased to expand our exchange connectivity to include ErisX and their innovative platform for spot on cryptocurrencies,” Silvergate CEO Alan Lane noted.
“ErisX has created a regulated platform with capabilities that will enable more people to confidently invest in the crypto markets.”
Silvergate launched a crypto-focused product dubbed SEN Leverage in 2017 which would allow its clients to take out loans using their crypto as collateral. ErisX has not yet enabled this feature for its clients as part of the integration with SEN. However, Chippas said on Tuesday that they are considering its addition.
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