Approximately 2.5% of these deposits are associated with the institution’s blockchain or distributed ledger technology (DLT)-enabled payments network.
The banking of crypto-asset firms has become a significant part of Signature’s ongoing growth and development strategy, with about $1 billion coming from these customers.
Signet, which is Signature Bank’s DLT-powered payments network, accounted for around 20% of the deposit growth.
In June 2020, Signature, a US-based full-service commercial bank, launched and integrated the full functionality of its proprietary, blockchain-based digital payments platform, Signet, with Fireblocks, an enterprise-grade platform delivering a secure infrastructure for moving, storing and issuing digital assets.
