Signature Bank Taps Crypto Security Startup Fireblocks To Secure Transactions For Signet’s Commercial Clients

Blockchain, News | June 24, 2020 By:

Signature Bank, a full-service commercial bank, has announced that its real-time digital payments platform for commercial clients has integrated with crypto security startup Fireblocks.

Signature Bank, member 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. Last year, the bank introduced its NYSDFS-approved 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 US dollars, 24/7/365, safely and securely, without transaction fees.

Fireblocks is an enterprise-grade platform for financial institutions that need to streamline digital asset trading operations – without sacrificing security. The company claims that its platform can securely transfer assets across exchanges, wallets, custodians, and counterparties and keep them readily available using patent-pending chip isolation security and MPC technology. Currently, the Fireblocks platform transfers $8.5B digital assets per month, with $30B+ transferred to date.

Signature Bank said in a press release that the Fireblocks integration affords institutions greater capital efficiency and security during fiat and cryptocurrency settlements and payments. Signature Bank clients will now be able to use Signet to initiate transactions at the bank via console and API connectivity directly to the Fireblocks Network.

“The integration with Fireblocks will offer enhanced services to our clients,” said Joseph DePaolo, President and Chief Executive Officer at Signature Bank. “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.”

Michael Shaulov, Chief Executive Officer of Fireblocks, said that through the Signet integration, they are bringing the ease of use, speed, and security of our Fireblocks Network to Signature Bank’s fiat settlement services clients.

“The real-time, 24/7/365 abilities of Signet make Signature Bank a vital partner in the expansion of our pioneering Fireblocks Network,” Shaulov said.