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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.

NYDFS stated:

“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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