New York-based full-service commercial operation, Signature Bank (Nasdaq: SBNY) have launched and integrated its proprietary, blockchain-based digital payments platform, Signet™, with Fireblocks, an enterprise-grade platform delivering a secure infrastructure for moving, storing and issuing digital assets.
“The integration with Fireblocks will offer enhanced services to our clients. With this latest banking technology innovation, Signature Bank remains at the forefront as we advance our Signet product and its capabilities. As the digital needs of our clients continue to evolve and the broader adoption of asset tokenization increases, Signet APIs are yet another example of how we continuously strive to help our clients deliver better business performance and improve their operations,” said Joseph DePaolo, President and Chief Executive Officer at Signature Bank.
“Fireblocks and Signature Bank share the same core philosophy when it comes to ensuring the accessibility and security of customer assets 24/7/365. Naturally, Signature Bank is a vital partner for us as we continue to grow the Fireblocks Network,” said Michael Shaulov, Chief Executive Officer of Fireblocks.
Signature Bank is the first bank to enable its commercial clients to access the Signet blockchain-based, real-time payments platform through the Fireblocks Network.
Recently, Signature Bank enhanced the power and capabilities of Signet, a tokenized representation of USD to facilitate instant settlement, with the addition of Application Program Interface (API). The new Signet APIs allow the Bank’s clients and developers to directly integrate their proprietary systems with the Signet platform to access full transactional capabilities. Signet APIs continue to enhance the real-time, 24/7/365 benefits and transactional security of the Signet platform. The introduction of Signet APIs increases Signature Bank’s clients’ abilities to immediately settle their transactions securely and enhances their capabilities when transacting with Signet.
This deep integration with Fireblocks affords Signature Bank clients greater capital efficiency and security during fiat and cryptocurrency settlements and payments. Effective immediately, Signature Bank clients can use Signet to initiate transactions on the Fireblocks Network via console and API connectivity.
Introduced January 1, 2019, Signet, the first platform of its kind to be approved for use by the New York State Department of Financial Services, enables instantaneous payments among Signature Bank clients. Now, with Signet APIs, the Bank’s clients can immediately settle their transactions securely and enhance their capabilities when transacting with Signet.
Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets which enables exchanges, custodians, banks, trading desks, and hedge funds to securely scale digital asset operations through the Fireblocks Network and MPC-based Wallet Infrastructure. They have secured the transfer of over $30 billion in digital assets and have a unique insurance policy that covers assets in storage & in transit.
Signature Bank, a member of the FDIC, is a New York-based full-service commercial bank with 31 private client offices throughout the New York metropolitan area and Connecticut as well as San Francisco. The Bank’s growing network of private client banking teams serves the needs of privately owned businesses, their owners and senior managers.
Signature Bank’s speciality finance subsidiary, Signature Financial, LLC, provides equipment finance and leasing.
Signature Securities Group Corporation, a wholly-owned Bank subsidiary, is a licensed broker-dealer, investment adviser and member FINRA/SIPC, offering investment, brokerage, asset management and insurance products and services.
Signature Bank recently introduced its revolutionary, blockchain-based digital payments platform, Signet™, enabling real-time payments for its commercial clients. The Signet Platform allows the Bank’s commercial clients to make payments in U.S. dollars, 24/7/365, safely and securely, without transaction fees. Signature Bank is the first FDIC-insured bank to launch a blockchain-based digital payments platform, and Signet is the first such platform to be approved for use by the NYS Department of Financial Services.
Since commencing operations in May 2001, the Bank has grown to $53.07 billion in assets, $41.0 billion in loans, $42.24 billion in deposits, $4.76 billion in equity capital and $3.39 billion in other assets under management as of March 31, 2020. Signature Bank’s Tier 1 and risk-based capital ratios are significantly above the levels required to be considered well-capitalized.
Signature Bank is one of the top 40 largest banks in the U.S., based on deposits (S&P Global Market Intelligence). The Bank recently earned several third-party recognitions, including: appeared on Forbes’ Best Banks in America list for the 10th consecutive year in 2020; and, named number one in the Business Bank, Private Bank and Attorney Escrow Services categories by the New York Law Journal in the publication’s annual “Best of” survey for 2019, earning it a place in the New York Law Journal’s Hall of Fame (awarded to companies that have ranked in the “Best of” survey for at least three of the past four years). The Bank also ranked second nationally in the Business Bank, Private Banking Services and Attorney Escrow Service categories of both the 2019 and 2020 National Law Journal’s “Best of” survey.
For more information, please visit www.signatureny.com.
Also published on Medium.
Kastelein has an Honorary Ph.D. and is Chair Professor of Blockchain at China’s first blockchain University in Nanchang at the Jiangxi Ahead Institute software and Technology. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission’s SME Instrument programme as a startup assessor and as a startup judge for the UK government’s Innovate UK division. Kastelein has spoken (keynotes & panels) on Blockchain technology at over 50 events in 30+ cities.
