New York State Department of Financial Services (NYDFS) issued a permit to launch the Signet Bank Blockchain platform, which Signature Bank and FinTech-based company TrueDigital Holdings LLC, decided to create an ability to make payments in Signets tokens for commercial customers – at any time and in real time, without commissions and intermediaries.
“New York continues to support and help advance innovation through sound state regulation and with products such as Signet, which provide lower-cost ways for businesses to efficiently make payments.”
Signature Bank, whose assets are $45.87 billion, confirmed that it is following state standards, the requirements of anti-fraud and money laundering policies, and the protection of customer funds. It is assumed that the balances of users of Signet in the amount of $250,000 will be insured by the Federal Deposit Insurance Corporation (FDIC).
Recall that in October, NYDFS issued a subsidiary of the cryptocurrency exchange Coinbase, Coinbase Custody Trust Company LLC, permission to provide services for storing virtual assets, including bitcoin (Bitcoin), bitcoin cash, ethereum (ETH/USD), ethereum classic (ETC/USD), xrp (XRP/USD), litecoin (LTC/USD).
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