Signature Bank launches Ethereum blockchain payment platform

The banking entity located in New York was authorized to launch the platform aimed at institutional clients

Located in New York, the commercial bank SignatureBank has just received authorization to launch a payment platform based on the blockchain of ethereum aimed at institutional clients on January 1st, 2019.

The bank was supported by the company trueDigital Holdings to develop “Signet”, which allows customers to exchange US dollars to compatible tokens with ethereum ERC-20 in a record time of less than 30 seconds, 24 hours a day, 7 days a week

For the moment, the service with the blockchain of ethereum is available only to Signature customers. They hope that in the future the bank can connect with others without requiring a centralized intermediary. The measure would help to get rid of the Swift system that takes up to three days and the network of the Automated Compensation Chamber.

Joseph J. DePaolo, CEO and founder of Signature Bank said: “We have to do this, otherwise we will not exist in the future. If you are not involved in blockchain technology in 5 years you will not be in this world like a bank. “

Currently, blockchain technology is a widely effective ally to simplify financial and banking procedures, safeguard customer data, make inviolable backups and provide satisfaction.

On the launch of the Signet platform, it was known that on January 1st, when it becomes operational, transactions will be free. However, a minimum balance of $ 250,000 in the accounts is required.



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