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Cryptocurrency pioneer integrates with leading digital payments platform via new Application Programming Interface (API) gateway to expand real-time transfer services for institutional customers
NEW YORK, May 07, 2020 (GLOBE NEWSWIRE) — Bitstamp, the world’s longest-running cryptocurrency exchange and one of the largest by trade volume, today announced they have become the first crypto exchange to integrate with SignetTM, Signature Bank’s commercial digital payments platform, via their new Application Programming Interface (API) gateway.
By integrating with Signet’s API, Bitstamp has expanded the availability of around-the-clock, near-instant transfers to a greater range of its institutional clients. The solution allows Bitstamp’s institutional customers to transfer USD to and from the exchange in real-time 24/7, with clearing and settlement completed within seconds.
Signature Bank is a New York-based full-service commercial bank and the first U.S. financial institution to leverage the power of blockchain technology to improve the way funds are moved. Signet is based on a private implementation of the Ethereum blockchain, which enables institutions to move money within seconds at any time, by settling transactions using Signet tokens.
This is the latest in a line of solutions Bitstamp has introduced to improve the ease with which customers can move assets to and from the exchange. By connecting to Signet and similar digital banking platforms, Bitstamp has established an efficient, secure and highly liquid network for institutions to transfer and trade funds and digital assets. Bitstamp also recently became the first exchange to support transactions with one confirmation on Fireblocks, a platform enabling faster and more secure cryptocurrency transactions for institutions.
“Enabling frictionless flow of funds is one of the key areas that can help drive institutional adoption of cryptocurrencies,” said Miha Grčar, Bitstamp’s Global Head of Business Development. “Signet combines blockchain’s strengths with the financial industry’s needs, which makes their approach and their platform a great fit for what we’re working towards at Bitstamp.”
“The Signet Platform is proving to be beneficial to many types of industries in need of instantaneous transactions to conduct their business operations. We continue to advance the platform as evidenced by the new API integration. Bitstamp and its type of business model is yet another example of the companies and industries which Signet can support by providing real-time transactions, payments and settlements, 24/7/365,” said Signature Bank President and Chief Executive Officer Joseph J. DePaolo.
Bitstamp is known for their commitment to bridging the gap between crypto and traditional finance. By becoming the first cryptocurrency exchange to integrate with Signet, Bitstamp and Signature Bank are furthering this ambitious mission, to the mutual benefit of their customers.
Bitstamp is the world’s longest-running cryptocurrency exchange, continuously supporting the crypto economy since 2011. With a proven track record and mature approach to the industry, Bitstamp provides a secure and transparent trading venue to over four million individuals and enables a range of institutional partners to enter crypto markets through their time-proven infrastructure. Whether it is through their intuitive web and mobile apps or arsenal of industry-leading APIs, Bitstamp is where crypto enters the world of finance.
For more information, visit bitstamp.net.
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