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Coinbase begins partnership with Signature Bank to provide real-time settlement via Signet™

By on October 12, 2022 0

NEW YORK, October 12, 2022–(BUSINESS WIRE)–Signature Bank (Nasdaq: SBNY), a New York-based full-service commercial bank and leading financial institution serving the blockchain industry, and Coinbase Exchangeone of the most liquid regulated crypto spot exchanges in the world, today announced their expanded relationship.

This press release is multimedia. See the full version here: https://www.businesswire.com/news/home/20221012005945/en/

Coinbase Exchange has integrated with Signature Bank Bookmark™ platform, a revolutionary blockchain-based digital payment platform, to provide a real-time settlement and payment rail to their institutional clients. Through this enhanced relationship, Coinbase Exchange customers can use Signet to fund and settle their Coinbase accounts in real time, 24/7/365.

Joseph DePaolo, President and CEO of Signature Bank, commented on the relationship with Coinbase: “Since its unveiling in 2019, our Signet payment platform has been adopted by a majority of key players in the digital asset space, settling with each other in real time.The addition of another vital member, such as Coinbase, to the Signet ecosystem only further solidifies Signature Bank’s leadership position in the space.

“We are excited to support innovative new institutional fiat rails like Signet. We will continue to invest in these rails to provide institutional investors with an easy and secure way to bring fiat to the platform and increase liquidity for crypto assets. “said Jim Migdal, Vice President, Business Development at Coinbase.

About Coinbase

Coinbase is building the cryptoeconomy – a fairer, more accessible, efficient, and transparent crypto-enabled financial system. Coinbase started in 2012 with the radical idea that anyone, anywhere should be able to send and receive Bitcoin easily and securely. Today, Coinbase provides a reliable and easy-to-use platform for accessing the broader cryptoeconomy.

About Signature Bank

Signature Bank (Nasdaq: SBNY), Member FDIC, is a New York-based full-service commercial bank with 39 private client offices throughout the New York metropolitan area, as well as Connecticut, California, Nevada and North Carolina. With its single-point-of-contact approach, the Bank’s retail banking teams primarily serve the needs of private businesses, their owners and senior executives.

The Bank has two wholly owned subsidiaries: Signature Financial, LLC, which provides financing and equipment leasing; and, Signature Securities Group Corporation, a licensed broker-dealer, investment advisor and member FINRA/SIPC, offers investment, brokerage, asset management and insurance products and services.

Since commencing operations in May 2001, Signature Bank has reached $116 billion in assets and $104.12 billion in deposits as of June 30, 2022. Signature Bank has placed 19e on S&P Global list of largest banks in the United States, based on deposits at the end of 2021.

Signature Bank was the first FDIC-insured bank to launch a blockchain-based digital payment platform. Bookmark™ enables business customers to make real-time payments in US dollars, 24/7/365 and was also the first solution to be approved for use by the NYS Department of Financial Services.

For more information, please visit https://www.signatureny.com.

This press release and oral statements made from time to time by our representatives contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. You should not place undue reliance on such statements as they are subject to many risks. and uncertainties relating to our business and our business environment, all of which are difficult to predict and may be beyond our control. Forward-looking statements include information regarding our expectations regarding future results, interest rate and interest rate environment, loan and deposit growth, loan performance, operations, new hires of private client teams, new office openings, business strategy and the impact of the COVID -19 pandemic on each of the above and our business as a whole. Forward-looking statements often include words such as “may”, “believe”, “expect”, “anticipate”, “intend”, “potential”, “opportunity”, “could”, “project “, “seeks”, “target”, “aim”, “should”, “fly”, “would”, “plan”, “estimate” or other similar expressions. Forward-looking and other statements may also address our sustainability progress, plans and goals (including climate change and environmental issues and disclosures), which may be based on standards for measuring progress that are still under development, internal controls and processes that will continue to evolve and assumptions that may change in the future. When considering forward-looking statements, you should understand that such statements are not guarantees of performance or results. They involve risks, uncertainties and hypotheses that could ent cause actual results to differ materially from those in the forward-looking statements and may change due to numerous possible events or factors, all of which are not known to us or within our control. These factors include, but are not limited to: (i) prevailing economic conditions; (ii) changes in interest rates, loan demand, real estate values ​​and competition, which may materially affect origination levels and earnings on sales results in our business, as well as other aspects of our financial performance, including earnings on assets; (iii) the level of defaults, losses and prepayments on loans we have originated, whether held in portfolio or sold in all secondary loan markets, which may materially affect levels of allocation and required credit loss reserve levels; (iv) changes in the monetary and fiscal policies of the United States government, including the policies of the United States Treasury and the Board of Governors of the Federal Reserve System; (v) changes in the regulatory environment for banks and other financial services; (vi) our ability to maintain the continuity, integrity, safety and security of our operations; and (vii) competition for qualified personnel and desirable office locations. All of these factors are subject to additional uncertainty in the context of the COVID-19 pandemic and the conflict in Ukraine, which are impacting all aspects of our operations, the financial services industry and the economy as a whole. Additional risks are described in our quarterly and annual reports filed with the FDIC. Although we believe these forward-looking statements are based on reasonable assumptions, beliefs and expectations, if anything changes or our beliefs, assumptions and expectations are incorrect, our business, financial condition, liquidity or results of operations could differ materially from those expressed in our forward-looking statements. You should keep in mind that any forward-looking statement made by Signature Bank speaks only as of the date on which it was made. New risks and uncertainties arise from time to time, and we cannot predict these events or their impact on the Bank. Signature Bank is under no obligation and does not intend to update or revise any forward-looking statements after the date on which they are made.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20221012005945/en/

contacts

Contact Investor:
Brian Wyremski, Senior Vice President and Director of Investor Relations and Corporate Development
646-822-1479
[email protected]

Media Contact:
Susan Turkell Lewis, 646-822-1825
s[email protected]