【Payward, the company behind Kraken, makes a move! Institutional trading is getting 24/7 settlement too 🔥】
🔥 币圈机构动作进群聊
Crypto markets never close, but banks have business hours.
Now, that problem is starting to be solved.
Kraken’s parent company, Payward, announced a partnership with Singapore Gulf Bank to provide 24/7 instant U.S. dollar settlement for select institutional clients in Asia and the Gulf region.
What does that mean?
Previously, institutions looking to transfer U.S. dollars to trading platforms could be constrained by bank business hours and settlement times.
Now, through Singapore Gulf Bank’s SGB Net, eligible institutions can deposit funds and settle transactions at any time, without having to wait until the next business day.
And this partnership is about more than just “faster transfers.”
Singapore Gulf Bank will also connect to Kraken Prime’s institutional liquidity, using Payward’s markets to offer digital asset trading services to its clients.
The service is initially available for U.S. dollars and select institutional clients. The plan is to expand the client base and add more currencies in the future. SGB Net currently processes more than $20 billion in fiat transactions each month.
📌 So what’s really worth watching is this: traditional banks are beginning to match the 24/7 trading model of crypto markets when it comes to settlement speed.
If more banks can offer 24/7 settlement, it could become increasingly convenient for institutional funds to enter crypto markets.
#payward
🔥 币圈机构动作进群聊
Crypto markets never close, but banks have business hours.
Now, that problem is starting to be solved.
Kraken’s parent company, Payward, announced a partnership with Singapore Gulf Bank to provide 24/7 instant U.S. dollar settlement for select institutional clients in Asia and the Gulf region.
What does that mean?
Previously, institutions looking to transfer U.S. dollars to trading platforms could be constrained by bank business hours and settlement times.
Now, through Singapore Gulf Bank’s SGB Net, eligible institutions can deposit funds and settle transactions at any time, without having to wait until the next business day.
And this partnership is about more than just “faster transfers.”
Singapore Gulf Bank will also connect to Kraken Prime’s institutional liquidity, using Payward’s markets to offer digital asset trading services to its clients.
The service is initially available for U.S. dollars and select institutional clients. The plan is to expand the client base and add more currencies in the future. SGB Net currently processes more than $20 billion in fiat transactions each month.
📌 So what’s really worth watching is this: traditional banks are beginning to match the 24/7 trading model of crypto markets when it comes to settlement speed.
If more banks can offer 24/7 settlement, it could become increasingly convenient for institutional funds to enter crypto markets.
#payward
