Signature Bank’s Real-Time Crypto Payments Network Still Online, For Now
- Coinbase, Circle among crypto firms that relied on Signature
- Network offers 24/7 transaction support for the crypto market
Signage outside a Signature Bank branch in New York.
Photographer: Stephanie Keith/BloombergThis article is for subscribers only.
Signature Bank’s payments network — used by cryptocurrency firms looking to exchange fiat currency in real time — is still online even after the lender was put into receivership.
Signet, a blockchain-based system, has been a key piece of the infrastructure powering the 24/7 crypto market. The system, a competitor to Silvergate Capital Corp.’s now-defunct SEN, counted stablecoin issuer Circle, crypto exchange Coinbase and a range of crypto trading shops among its users. Signet used technology developed by Tassat, which builds private blockchains for banks.