We are pleased to announce the addition of domestic (FedWire) and international (SWIFT) USD funding options through Silvergate Bank.

The move brings Kraken a step closer to its goal of offering more funding choices than any other cryptocurrency exchange, and follows on the heels of additional funding options made available through Bank Frick, Signature and MVB Bank. 

The new offering with Silvergate means that Kraken now offers 10 different options for its clients to deposit or withdraw USD, including five US-only options and five that are available worldwide.

It further builds on our existing work with Silvergate. Kraken joined Silvergate Bank’s proprietary internal payments platform, the Silvergate Exchange Network (SEN), last November, enabling near-instant transfers for U.S. clients. 

Silvergate Bank was one of the first banks to embrace the crypto revolution and is regarded as one of the most innovative banks in the world. The company is publicly traded on the New York Stock Exchange under the trading symbol “SI.”

Fees

• Deposit (FedWire & SWIFT): $25 USD per wire
• Withdrawal (FedWire & SWIFT): $40 USD per wire

Processing times

• Domestic FedWire: 0-1 business days
• International SWIFT: 0-5 business days

Minimum and maximum amounts

• Minimum deposit (FedWire & SWIFT): $100
• Minimum withdrawal (FedWire & SWIFT): $100
• Maximum deposit/withdrawal: Depends on individual account limits

Availability

• Domestic FedWire: US only (not available in NY, WA, TX)
• International SWIFT: Worldwide

How to enable Silvergate wires in your account

We recommend that clients first review all of our USD deposit and withdrawal options to make sure Silvergate wires are the best choice for their needs. 

Instructions on how to enable Silvergate wires in your Kraken account can be found here.