Crypto may be a 24/7, 365 ecosystem, but traditional banking is not. For years, disrupters relied on two digital payment networks—Silvergate Bank’s Silvergate Exchange Network (SEN) and Signature Bank’s Signet—as on-ramps from U.S. dollars into cryptocurrencies.
The groundbreaking platforms allowed crypto companies to work with fiat currency outside traditional business hours, rather than having to rely on restricted services like the Federal Reserve’s Fedwire or ACH transfers, and were key to the business structures of top firms such as Circle, the issuer of stablecoin USDC.
