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Bitstamp Integrates Signature Bank's Digital Payments Platform Signet

bitstamp signet 051220 lt

Cryptocurrency exchange Bitstamp has teamed up with New York-based Signature Bank to integrate its digital payments platform called Signet to enable and expand the exchanges' real-time payment and settlement services for institutional customers. Bitstamp has become the first cryptocurrency exchange to integrate with Signet.

Bitstamp will provide the payment services via the integration of a new Application Programming Interface (API) gateway. It will enable frictionless flow of funds, which is one of the key areas that can help drive institutional adoption of cryptocurrencies.

By integrating with Signet's API, Bitstamp will expand the availability of near-instant transfers to a greater range of its institutional clients. The solution will allow Bitstamp's institutional customers to transfer US dollar to and from the exchange in real-time, around-the-clock, with clearing and settlement completed within seconds.

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 institutions to move money within seconds at any time, by settling transactions using Signet tokens.

The Signet Platform, launched in January 2019, has been 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.

Bitstamp also recently became the first exchange to support transactions with one confirmation on Fireblocks, a platform enabling faster and more secure cryptocurrency transactions for institutions.

This deal is part of Bitstamp's known commitment to bridge the gap between crypto and traditional finance.

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