Kraken has announced that it will discontinue its support for ACH deposits and withdrawals via Silvergate. This decision comes as part of Kraken's ongoing efforts to streamline its operations and improve the overall user experience.
Kraken, one of the largest cryptocurrency exchanges in the world, has announced that it will no longer support ACH deposits and withdrawals via Silvergate from March 27, 2023. This decision was made due to issues with the automated clearing house (ACH) withdrawal and deposit channel via Silvergate.
Kraken has advised its users to explore other available funding options, including MVB Bank for Fedwire deposits and withdrawals and other instant purchase options. However, Kraken has assured its users that no other services will be affected by this change, including ACH instant purchases via Online Banking.
Kraken has also stated that its team is working to make ACH funding available again as soon as possible. The company remains committed to providing its customers with the best possible experience.
The move by Kraken follows a similar decision by Gemini, another cryptocurrency exchange founded by the Winklevoss brothers. Gemini also ceased accepting customer deposits and processing withdrawals through Silvergate ACH and wire transfers on March 2, 2023.
This development has caused inconvenience to customers who rely on these exchanges for their cryptocurrency transactions. It is important for cryptocurrency exchanges to have reliable and secure payment systems to ensure the smooth operation of their businesses and the satisfaction of their customers.
Kraken joined the Silvergate Exchange Network in 2019, which allowed the firm to offer deposits and withdrawals in U.S. dollars from Silvergate accounts. This partnership has enabled the exchange to expand its reach and offer more services to its customers.
Despite the challenges faced by the cryptocurrency industry, Kraken remains committed to providing its customers with the best possible experience. The company trades more than $1 billion daily, a testament to its reliability and trustworthiness.
Silvergate, a bank that was once known for its crypto-friendly policies, suffered a major setback in early March, along with other lenders like Silicon Valley Bank. This unfortunate turn of events has posed significant challenges for the cryptocurrency industry, as many crypto firms had significant exposure to these banks.
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