Copper, a cryptocurrency custodian and prime brokerage, has announced the integration of Signet, the blockchain-based payments platform of Signature Bank.
This will enable Copper customers to instantly pay and settle transactions in US dollars and other currencies directly through the Copper platform.
The announcement also highlighted that the integration will also reduce the time and other issues that asset managers face in transferring traditional currencies between a bank account and a trading environment.
“Cryptocurrency’s progression into mainstream finance has been hamstrung by a series of issues. The first challenge was storage, which we solved with our award-winning custody solution. Since then, we have introduced prime brokerage services, off exchange settlements in the form of ClearLoop, complete portfolio management and trade execution,” Dmitry Tokarev, co-founder and CEO at Copper, said.
“We believe we are building the infrastructure for the next generation of financial services, and this integration with Signature Bank’s Signet platform demonstrates how innovation, collaboration, and a commitment to building products for our clients will enable crypto to take its place in the financial services mainstream.”
Bringing banking to crypto
The New York-based bank is focusing on the lucrative crypto industry which is already deprived of banking support. Its Signet offers the ability to rapidly move fiat currency using the decentralized infrastructure.
Apart from Copper, many other prominent exchanges including Bitstamp, Huobi, Kraken, OKCoin, and LMAX also connected to the Signet platform.
He also detailed that Copper is also considering to integrate its framework with additional Signature Bank products and services.
“Signet was specifically designed to meet the needs of innovative firms building and impacting the next generation of advancements in the fintech arena. Our integration into Copper’s Walled Garden is an excellent example of how complementary technologies can enhance the offerings of our commercial clients using Signet as they strive to gain a competitive advantage within a highly competitive space,” Joseph DePaolo, President and CEO at Signature Bank, said.