Bitstamp Temporarily Cancels Silvergate Exchange Network Service
It is reported that Bitstamp issued a statement on its official blog that the Luxembourg-based cryptocurrency exchange has temporarily cancelled the Silvergate…
It is reported that Bitstamp issued a statement on its official blog that the Luxembourg-based cryptocurrency exchange has temporarily cancelled the Silvergate Exchange Network (SEN) service for all users, as well as all the USD wire transfer support provided by Silvergate Bank. For instant USD payment, the SigNet service of Signature Bank is currently required. In addition, Bitstamp clarified that the customer’s funds are safe and Bitstamp has no major risk to Silvergate Bank. The exchange has cooperated with 17 banking partners around the world and implemented alternative banking services to ensure that the interference to customers is minimized.
Bitstamp: temporarily stop supporting all US dollar wire transfers through Silvergate Bank
Interpretation of the news:
Bitstamp, the Luxembourg-based cryptocurrency exchange, recently announced a temporary cancellation of Silvergate Exchange Network (SEN) service for all users. The move comes after the exchange suspended all USD wire transfer support provided by Silvergate Bank. The cancellation has been made to resolve some technical difficulties, and the users would now require Signature Bank’s SigNet service for instant USD payment.
In an official statement released on Bitstamp’s blog, the exchange assured its users that their funds were safe, and it did not pose significant risks to Silvergate Bank. Bitstamp has collaborated with 17 global banking partners and implemented alternative banking services to ensure minimal interference to its customers.
The objective of Bitstamp to secure customer funds is evident from its engagement with multiple banking partners worldwide. The exchange has made a smart move by partnering with different banks to create a diversified network reducing the risk for users. Their action of implementing alternative banking services is also a smart move, wherein the exchange will provide instant USD payments to their users using SigNet service.
The reason for Bitstamp canceling Silvergate Exchange Network service is yet to be clarified by the exchange. However, the technical challenges faced by the exchange could be related to the service’s functional issues or could have been caused by the issues related to Silvergate Bank’s internal system.
It is reassuring to see Bitstamp’s proactive approach in handling the situation, ensuring that their users can enjoy efficient and secure services. The exchange’s cooperation with different banks worldwide ensures that their users continue to enjoy a seamless and reliable trading experience.
Overall, Bitstamp’s announcement to temporarily cancel Silvergate Exchange Network may cause minor inconveniences to some of its users. However, the exchange’s proactive measures towards resolving technical glitches emphasize the importance they attach to their users’ safety and security.
Keywords:
Bitstamp – Luxembourg-based cryptocurrency exchange; Silvergate Exchange Network – a technical platform of Silvergate Bank that provides APIs to its banking partners for US dollar transactions; cryptocurrency exchange – an online platform that allows users to buy and sell digital currencies; USD wire transfer – a method of transferring funds electronically in US Dollars; banking partnership – collaboration between the cryptocurrency exchange and different banks to enhance services.
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