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UK's Copper Integrates Signature Bank's Digital Payments Platform Signet

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London-based crypto custodian Copper has teamed up with New York-based Signature Bank to integrate its blockchain-based digital payments platform called Signet to enable Copper customers to instantly pay and settle transactions in US dollars and other currencies through the Copper platform.

This integration will vastly reduce the time and other issues that asset managers face in transferring traditional currencies between a bank account and a trading environment. Copper clients can now move fiat currency between accounts with ease, speed and security.

Copper uses a Walled Garden setup for its custody solution, which gives clients access to trading facilities without taking crypto out of its custody. It's Walled Garden and Prime Brokerage infrastructure looks after the security and trading needs of institutional customers.

Copper's 'Walled Garden' infrastructure is claimed as the most secure method for moving digital assets between cold storage and exchange accounts. With Signet's ability to rapidly move fiat currency, funds investing in crypto-assets will now be in a stronger position than ever before to take advantage of every trading opportunity.

A number of leading cryptocurrency exchanges have already integrated with Signature Bank's Signet platform and Copper's Walled Garden, including Bitstamp, Huobi, Kraken, OKCoin and LMAX. Bitstamp was the first among them to integrate with Signet.

Signature Bank said its integration into Copper's Walled Garden is an excellent example of how complementary technologies can enhance the offerings of its commercial clients using Signet.

Signature Bank is a full-service commercial bank and the first U.S. financial institution to leverage the power of blockchain technology to improve the way funds are moved.

Signet is based on a private implementation of the Ethereum blockchain, which enables only institutions or commercial clients to move U.S. dollars within seconds 24 hours a day, seven days a week, 365 days, by settling transactions using Signet tokens.

The Signet Platform, launched in January 2019, was the first platform of its kind to be approved for use by the New York State Department of Financial Services. Deposits held within the Signet Platform are eligible for FDIC insurance, up to the legal insurable amounts defined by the FDIC.

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