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Signature Bank continues with its new project Ethereum …
By Manoj Sharma for CNR
As we have already said, the New York-based commercial bank, Signature Bank, has partnered with a global financial technology company based in New York, true Digital Power LLC, to launch a new digital payment platform. A platform that is powered by an authorized version of the Ethereum blockchain.
The bank generated $ 155.4 million of net income for the third quarter of 2018 and owns assets valued at $ 45 billion.
Nicknamed "Signet", the new platform will allow real-time payments to the bank's asset management clients.
The platform uses a version of the Ethereum blockchain, which allows customers to make payments in US dollars. The goal is to make cross-border transactions in just 30 seconds by converting US dollars into ERC-20 tokens.
Currently, only bank customers can use the services, however; the bank may be able to connect to other financial institutions in the future. Commenting on the growing trend of the blockchain, co-founder of the Signature Bank, DePaolo said "we have to do it, otherwise we will not exist." If you are not involved in the blockchain, in five years, you will not be around like a bank. "
Seals, the digitized US dollars designed by the bank, only work on the Signet platform and would not interact with other apps or exchanges built on the Ethereum blockchain.
As indicated in the post published by the TrueDigital website, the company expects to start coupled transactions and additional currencies at the beginning of 2019. The Signet platform can be used on January 1, 2019, but only by commercial customers with a minimum balance of $ 250,000.
The New York State Department of Financial Services also approved the platform and said that "New York continues to support and help advance innovation through healthy state regulation, and with products like Signet, which offers companies cheaper ways to make payments efficiently ".
Image: BigStock
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