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), bitcoin cash, ethereum (BITFINEX: ETH/USD.BITFINEX), ethereum classic (BITFINEX: ETC/USD.BITFINEX), xrp (BITFINEX: XRP/USD), litecoin (BITFINEX: LTC/USD.BITFINEX).
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.