New York has taken its own path in the cryptocurrency world. Much like the way that Eastern countries have decided on their own rules and regulations, New York requires exchanges to go through a registration and approval process. Recently, Signature Bank was the subject of one of these approvals, aiming to launch a new blockchain platform that is capable of processing real-time digital payments.
The new platform announced their approval on Tuesday and will allow users to start processing their payments on January 1st, 2019. The transactions can occur at any time of day with no fees or third parties, and they will still occur immediately. However, the only way for clients to participate is with a minimum $250,000 balance in their account.
Along with Signature Bank, trueDigital Holdings LLC is also working to establish themselves in New York, using blockchain technology to create exchange and settlement technology. However, this platform is focusing on supporting the financial market.
Now, with the approval for Signature to function in New York, president and CEO Joseph DePaulo calls it “gratifying” to finally be able to work within the regulated innovation of the state. He commented,
“The ability to transmit funds between approved, fully vetted commercial clients of the Bank at all times is very valuable, especially in light of the increasing speed and frequency at which they conduct their business. As we have been stating, Signature Bank has made a commitment to invest in its technology infrastructure, and the Signet Platform is indicative of this investment along with the implementation of new systems for loan operations, credit approvals and foreign exchange.”
One of the chairmen of the board for Signature Bank, Scott Shay, said that there are plenty of industries that stand to benefit from the fast-paced nature of the platform.
With the Signet, Signature Bank is now “on the cutting edge of commercial digital payments.”