Bitstamp, Europe’s largest bitcoin exchange by trading volume, today announced that it has become the exchange launch partner for SEN Leverage, a newly launched product by Silvergate Bank, a provider of financial infrastructure solutions to the digital currency industry.
SEN Leverage allows Silvergate Bank’s institutional customers to trade with leverage collateralized by bitcoin. The product uses the Silvergate Exchange Network (SEN) to fund loans and process repayments in real-time 24 hours per day, 7 days per week.
“Our digital currency customers have asked us to help them create greater capital efficiency, and we are excited to be working closely with Bitstamp to solve this problem for them. The integration and work that our collective teams have put into this over the past six months is a testament to the conviction we have to serve our customers.”
– Alan Lane, CEO of Silvergate
Bitstamp worked with Silvergate Bank during the development of SEN Leverage and will now act as Silvergate’s agent to custody and manage bitcoin collateral.
“We see growing demand from our institutional customers to access greater trading capital. We already use SEN to enable withdrawals and deposits to Bitstamp accounts within minutes at any time and look forward to offering our clients additional flexibility to manage their bitcoin positions through SEN Leverage.”
– Miha Grčar, Head of Business Development at Bitstamp