Kraken operator Payward and Singapore Gulf Bank platform for 24/7 institutional crypto settlement
In this news:
Key takeaways
- Payward integrated Singapore Gulf Bank to enable 24/7 institutional crypto settlement.
- The service starts with US dollar transactions for select clients in Asian and Gulf regions.
- The integration aims to solve the mismatch between continuous crypto trading and traditional banking hours.
Payward, the financial infrastructure company behind crypto exchange Kraken, integrated Singapore Gulf Bank’s real-time clearing network to enable institutional clients to settle qualifying digital-asset transactions around-the-clock and fund trading even on a non-banking day.
The service begins with U.S. dollar transactions for a select group of clients in eligible Asian and Gulf region jurisdictions, Payward announced on Sunday.
Addressing traditional banking constraints in crypto markets
Mark Greenberg, Payward’s chief commercial officer, explained the deal targets a fundamental issue affecting crypto markets. While assets trade all weekend and around the clock, the cash that funds those trades often remains subject to bank cut-off times and multi-day settlement. SGB Net allows clients to deposit funds with Payward and use them immediately.
“Exchanges, payment providers, OTC desks and fintechs all run into the same banking constraint: settlement stops when the business day does, while their markets do not,” Greenberg added.
Expanding financial infrastructure beyond exchanges
Payward is expanding beyond Kraken’s exchange business into the infrastructure that connects trading, custody, payments and banking. It follows a report last week that BNY is in discussions with Payward over a potential tie-up spanning digital assets, custody, trading and payments.
Share the article:
Trending News & Crypto World
.png)
Latest Crypto News
Top Trending Cryptocurrencies on The Market
Current Price
$0.1720
Market Cap
$6.1B -0.72%
24h Volume
$116.5M
Supplies
50.0B / ∞
Current Price
$4.495
Market Cap
$5.9B -3.32%
24h Volume
$1.2B
Supplies
1.3B / ∞
Current Price
$0.008244
Market Cap
$5.8B 1.23%
24h Volume
$12.4M
Supplies
1.1T / 1.2T
Current Price
$276.72
Market Cap
$5.6B -0.86%
24h Volume
$129.2M
Supplies
20.1M / 21.0M
Current Price
$0.9548
Market Cap
$4.8B -2.12%
24h Volume
$288.4K
Supplies
10.0B / 10.0B
Current Price
$1.000
Market Cap
$4.5B 0.00%
24h Volume
$231.1M
Supplies
4.5B / ∞
Current Price
$56.935
Market Cap
$4.4B -0.17%
24h Volume
$214.7M
Supplies
77.7M / 84.0M
Current Price
$6.845
Market Cap
$4.3B -0.76%
24h Volume
$427.7M
Supplies
887.0M / 1.0B
Current Price
$0.9990
Market Cap
$4.1B 0.01%
24h Volume
$886.9M
Supplies
4.1B / ∞
Current Price
$0.1017
Market Cap
$4.1B 0.49%
24h Volume
$19.7M
Supplies
39.9B / ∞
Current Price
$9.001
Market Cap
$4.0B -0.25%
24h Volume
$353.2M
Supplies
470.2M / 720.0M
Current Price
$0.9377
Market Cap
$3.9B -1.93%
24h Volume
$578.7M
Supplies
10.0B / 10.0B