Signature Bank Uses Fireblocks to Launch Blockchain-Based Digital Payment Platform, Signet
Signature, a New-York based commercial bank, has launched its blockchain-based digital payment platform, called Signet, on Fireblocks network. This integration also makes Signature the first bank to debut its digital payment platform on the Fireblock network.
Fireblocks is an enterprise-grade blockchain platform known for facilitating the storage, moving, and issuance of digital assets and helping traditional institutions like banks, exchanges, and custodians to scale their digital asset infrastructures. However, Signature is the first bank to integrate with the blockchain scaling platform.
Michael Shaulov, Chief Executive Officer of Fireblocks, commented on their recent association with Signature bank and said:
“Fireblocks and Signature Bank share the same core philosophy when it comes to ensuring the accessibility and security of customer assets 24/7/365. Naturally, Signature Bank is a vital partner for us as we continue to grow the Fireblocks Network.”
Signet is a tokenized representation of the US Dollar made to facilitate instant settlements. The commercial bank also released an Application Program Interface (API) for Signet, which can be easily integrated by its clients and banks in their respective systems and access full transactional capabilities.
The API also helps the bank clients to settle the transaction in real-time and low cost. Signature Bank clients and Signet users can now use Fireblocks to initiate their transactions using the API.
President and Chief Executive Officer Joseph DePaolo, of Signature Bank, commented on their Fireblocks integration:
“The integration with Fireblocks will offer an enhanced service for our clients. 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,”
Signet was launched back in January 2019 and was the only platform of its kind to be approved by the New York State Department of Financial Services.