In a press release, The New York-based Signature Bank announces that it is all set to launch Signet, its digital payments platform, on the Fireblocks network.
So what is Signet?
Signet is the first platform of its kind that New York State Department of Financial Services, had approved for the use, the signet enables instantaneous payments among Signature Bank clients through Fireblocks’ network.
Signature Bank CEO Joseph DePaolo advocates Signet’s advantages: “The integration with Fireblocks will offer enhanced services to our clients. 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.”
Signet Platform would use the blockchain technology, So blockchain technology allows US dollar payments to go throughout 24 hours a day, 7 days a week, 365 days a year. These transactions would be safe and secure than ever with zero transaction fees.
Signature Bank and Fireblocks are a big step towards revolutionizing the financial world by encouraging digital transactions using the Blockchain technique, all the while making sure that the speed and security of digital asset transfers are protected.
The New York-based bank Signature Bank is not the only one of its kind to adopt blockchain technology. Other commercial banks such as JP Morgan, also use this network to facilitate crypto exchanges from Coinbase and Gemini.
As time is gradually passing other traditional banking institutions will also adopt a personalized digital payments platform. But for now, Signature Bank leads the way in introducing a real-time platform for cryptocurrency and fiat money transfers.