Coinbase begins partnership with Signature Bank to provide real-time settlement via Signet™
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.
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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.
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.
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Brian Wyremski, Senior Vice President and Director of Investor Relations and Corporate Development
Susan Turkell Lewis, 646-822-1825