Bitstamp Integrates with New York-based Signature Bank’s Blockchain Platform Signet
Bitstamp Signet Integration
Bitstamp, one of the largest crypto exchanges by trading volume, announces to integrate the exchange with the blockchain platform of New York-based Signature Bank. The integration will allow institutional customers to transfer funds instantly.
According to the announcement, the blockchain-based Signet is a digital payments platform operated and controlled by the Signature bank. Signet is built on the Ethereum blockchain that is employed by the institutional customers to transfer funds via Signet tokens. The integration of the Bitstamp exchange will be done via the new Application Programming Interface (API) of the Commercial bank’s Signet. With this new integration, the exchange’s institutional users can “transfer USD to and from the exchange in real-time 24/7, with clearing and settlement completed within seconds.”
“By connecting to Signet and similar digital banking platforms, Bitstamp has established an efficient, secure and highly liquid network for institutions to transfer and trade funds and digital assets,” the announcement reads.
The Gap is decreasing between Digital Assets Platform and Traditional Institutions
The digital services are merging into traditional financial framework, and Bitstamp’s initiative to adopt traditional institutions is the latest one. Bitstamp also partnered with Fireblocks to secure transactions with one confirmation. Fireblocks is a digital payment platform known for offering institutional services for instant and secure transactions. Similarly, Ripple (XRP) has partnered with more than 300 banks across the world to offer low-fees cross-border instant payments.
Miha Grčar, the Global Head of Business Development at Bitstamp, said:
“Enabling frictionless flow of funds is one of the key areas that can help drive institutional adoption of cryptocurrencies. Signet combines blockchain’s strengths with the financial industry’s needs, which makes their approach and their platform a great fit for what we’re working towards at Bitstamp.”
Joseph J. DePaolo, the president and Chief Executive Officer of Signature Bank, said:
“The Signet Platform is proving to be beneficial to many types of industries in need of instantaneous transactions to conduct their business operations. We continue to advance the platform as evidenced by the new API integration. Bitstamp and its type of business model is yet another example of the companies and industries which Signet can support by providing real-time transactions, payments and settlements, 24/7/365.”
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