Crypto’s Banking Problem Is Not Ironic

If we look at crypto exchanges, Silvergate is so well-liked because a) it gives access to banking in the first place and b) Silvergate ran the Silvergate Exchange Network (SEN). SEN, which was recently disabled, allowed 24/7 instant settlement between Silvergate bank clients at any time, including nights and weekends. It functioned sort of like how Venmo or CashApp settles debts between friends for late-night ramen or pizza or whatever. Access to SEN attracted a lot of crypto exchange clients including Binance.US, Kraken and Gemini.

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