Silvergate Capital stock gaps up as it expands exchange network to include euros

Silvergate Capital (NYSE:SI) on Tuesday expanded its Silvergate Exchange Network to include euros, the company said. Note shares of SI are climbing nearly 7% out of the gate as bitcoin (BTC-USD +4.1%) rises towards $45K per token. The so-called Euro SEN was built using the same technology as the existing U.S. dollar SEN payment rails and enables customers to send euros to other Silvergate (SI) customers with immediate access to funds. Customers can seamlessly convert euros to and from U.S. dollars in near real-time. “The SEN, which recently crossed $1 trillion in cumulative payment volumes, is integral to the everyday operations of our digital currency customers,” said Silvergate CEO Alan Lane. “The launch of Euro SEN is an extension of our commitment to building a superior payments platform, and we are excited that our customers can now move euros 24/7 just as they do U.S. dollars,” he added. In 2020, Silvergate expanded SEN leverage for bitcoin collateral loans.