• Latest
‘Already Live’: Signature Bank Is Moving Millions on a JPMorgan-Like Private, Dollar-Backed Cryptocurrency

‘Already Live’: Signature Bank Is Moving Millions on a JPMorgan-Like Private, Dollar-Backed Cryptocurrency

February 14, 2019
6 Questions for Rene Reinsberg of Celo – Cointelegraph Magazine

6 Questions for Rene Reinsberg of Celo – Cointelegraph Magazine

March 31, 2023
Judge denies SEC motion to keep Hinman docs secret in Ripple case

Judge denies SEC motion to keep Hinman docs secret in Ripple case

March 31, 2023
The ultimate guide to Miami – Cointelegraph Magazine

The ultimate guide to Miami – Cointelegraph Magazine

March 31, 2023
Dr. Jane Thomason – Cointelegraph Magazine

Dr. Jane Thomason – Cointelegraph Magazine

March 31, 2023
1658007797 celsius is bankrupt with 12b balance sheet hole su zhu.jpg

Celsius is bankrupt with $1.2B balance sheet hole, Su Zhu returns to Twitter and OpenSea purges 20% of employees: Hodler’s Digest, July 10-16

March 31, 2023
6 Questions for Lisa Fridman of Quadrata – Cointelegraph Magazine

6 Questions for Lisa Fridman of Quadrata – Cointelegraph Magazine

March 31, 2023
Jed McCaleb empties XRP wallet after eight-year selloff

Jed McCaleb empties XRP wallet after eight-year selloff

March 31, 2023
Celsius has finally filed for bankruptcy: Law Decoded, July 18-25

Celsius has finally filed for bankruptcy: Law Decoded, July 18-25

March 31, 2023
The ‘godfather of crypto’ risked lifetime in jail, laying foundation for Bitcoin – Cointelegraph Magazine

The ‘godfather of crypto’ risked lifetime in jail, laying foundation for Bitcoin – Cointelegraph Magazine

March 31, 2023
SEC objects to XRP holders aiding Ripple defense

SEC objects to XRP holders aiding Ripple defense

March 31, 2023
Blockchain technology is transforming the real estate market – Cointelegraph Magazine

Blockchain technology is transforming the real estate market – Cointelegraph Magazine

March 31, 2023
1658612147 nfts banned in minecraft sec lists 9 tokens as securities.jpg

NFTs banned in Minecraft, SEC lists 9 tokens as securities and 3AC founder blames cockyness for company meltdown: Hodler’s Digest, July 17-23

March 31, 2023
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
CoinNewsDaily
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
CoinNewsDaily
No Result
View All Result
Home Business

‘Already Live’: Signature Bank Is Moving Millions on a JPMorgan-Like Private, Dollar-Backed Cryptocurrency

coinnewsdaily by coinnewsdaily
February 14, 2019
in Business
0
‘Already Live’: Signature Bank Is Moving Millions on a JPMorgan-Like Private, Dollar-Backed Cryptocurrency
190
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Related articles

IoTeX’s MachineFi Lab challenges Big Tech by democratizing IoT to benefit users and businesses

IoTeX’s MachineFi Lab challenges Big Tech by democratizing IoT to benefit users and businesses

July 26, 2022
ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022

While crypto-land is abuzz about JPMorgan’s plan to move U.S. dollars around via blockchain, a smaller New York bank has already been doing this for nearly two months.

Since launching at the start of the year, Signature Bank’s blockchain-based Signet system has on-boarded more than 100 clients who are using it to send each other millions of dollars a day, 24/7, bank executives said.

Joseph J. DePaolo, president and CEO at Signature Bank, told CoinDesk:

“We can say there are trades going on in the millions some days and tens of millions other days and I would say the number of clients we have is in the triple digits.”

Signature is one of the few banks in the U.S. that will provide deposit accounts to cryptocurrency startups, a group that also includes fellow New Yorkers at Metropolitan Bank and Silvergate Bank in San Diego.

But while these clients were the first group to adopt Signet, the bank says non-crypto businesses are signing up as well.

In addition to the previously announced American PowerNet, an independent electrical power trading firm that made Signet the payments platform for its renewable energy customers, DePaolo said Signature is bringing on two other “ecosystems” where rapid movement of money and property is important.

“We will shortly onboard a substantial cargo ecosystem and wholesale diamonds,” he said, declining to name either organization.

He also said Signature is in talks with a title insurance company. Explaining why such an entity would be interested in real-time payments, he said:

“If you’ve ever been involved in a commercial real estate closing, usually all the lawyers are sitting around eating lunch waiting for the wire transfer.”    

Signet vs. JPM Coin

With $45 billion in assets, Signature Bank is less than 2% the size of JPMorgan, the largest bank in the U.S. So it’s perhaps understandable that DePaolo and Signature chairman Scott Shay clearly took some pride in pointing out that JPM Coin, announced Thursday, is remarkably similar to what they already have.

A rather subtle similarity between Signature’s blockchain system and JPM Coin is that both run on private variants of ethereum technology.

In the case of JPM this is Quorum, a data privacy-oriented fork of the ethereum public blockchain code. The Signet platform, built in conjunction with trueDigital, is a proprietary blockchain which also uses ethereum as its base.

Another commonality is that both involve stablecoins, with real-world dollars deposited at the bank in exchange for tokens that clients can send each other via a distributed ledger, then redeem again 1-to-1 with the institution.

The goal of replacing wire transfers with a blockchain is also reminiscent of crypto-friendly rival Silvergate Bank’s SEN system that instantly connects to its clients 24/7.

But Signature chairman Scott Shay claimed the broad uses of Signet sets it apart.

“If you happen to be an exchange [SEN] is useful, but we developed Signet to be tailored to a wide variety of industries. It’s not crypto exchange-focused,” he said.

Returning to JPM Coin, Shay pointed out that Signet has already received approval from the New York State Department of Financial Services (NYDFS). By contrast, JPMorgan said in its announcement that as it gets ready to launch the new product, “we will actively engage our regulators to explain its design and solicit their feedback and any necessary approvals.”

Shay concluded:

“The difference is we are actually out there doing this.”   

Scott A. Shay image via Signature Bank

Credit: Source link

Share76Tweet48
Previous Post

Judge Hits Crypto Startup With Injunction In Reversal of Past Court Order

Next Post

Judge Delays Decision On Legal Representation for Quadriga Creditors

coinnewsdaily

coinnewsdaily

CoinNewsDaily.com is an online Crypto Coin News Website that aims to provide latest trendy news from market and around the world.

Related Posts

IoTeX’s MachineFi Lab challenges Big Tech by democratizing IoT to benefit users and businesses
Business

IoTeX’s MachineFi Lab challenges Big Tech by democratizing IoT to benefit users and businesses

July 26, 2022
ygg sea surpasses 10,000 scholarships in just six months of launch
Alt Coin

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
5 projects enabling smart contract development on bitcoin
Alt Coin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications
Alt Coin

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin
Alt Coin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
what are wrapped tokens?
Bitcoin

What Are Wrapped Tokens?

April 23, 2022
Load More
Next Post
Judge Delays Decision On Legal Representation for Quadriga Creditors

Judge Delays Decision On Legal Representation for Quadriga Creditors

Categories

  • Alt Coin
  • Bitcoin
  • Business
  • Ethereum
  • ICO
  • Litecoin
  • Mining
  • NFT
  • Ripple
  • Tech
  • Trading

What New here?

  • 6 Questions for Rene Reinsberg of Celo – Cointelegraph Magazine
  • Judge denies SEC motion to keep Hinman docs secret in Ripple case
  • The ultimate guide to Miami – Cointelegraph Magazine
  • About Us
  • Contact Us
  • Privacy & Policy

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

  • bitcoinBitcoin(BTC)$28,493.000.02%
  • ethereumEthereum(ETH)$1,825.68-0.33%
  • tetherTether(USDT)$1.000.10%
  • binancecoinBNB(BNB)$314.43-0.86%
  • rippleXRP(XRP)$0.51-3.91%
  • cardanoCardano(ADA)$0.393582-2.93%
  • dogecoinDogecoin(DOGE)$0.0769321.30%
  • matic-networkPolygon(MATIC)$1.11-0.21%
  • solanaSolana(SOL)$21.010.52%
  • polkadotPolkadot(DOT)$6.28-0.88%
  • litecoinLitecoin(LTC)$93.114.00%
  • shiba-inuShiba Inu(SHIB)$0.0000113.20%
  • tronTRON(TRX)$0.0664760.50%
  • daiDai(DAI)$1.000.11%
  • chainlinkChainlink(LINK)$7.52-0.69%
  • cosmosCosmos Hub(ATOM)$11.18-1.06%
  • leo-tokenLEO Token(LEO)$3.39-2.35%
  • ethereum-classicEthereum Classic(ETC)$21.263.22%
  • stellarStellar(XLM)$0.1100581.29%
  • moneroMonero(XMR)$156.200.16%
  • okbOKB(OKB)$41.940.01%
  • bitcoin-cashBitcoin Cash(BCH)$124.270.47%
  • filecoinFilecoin(FIL)$5.67-0.41%
  • crypto-com-chainCronos(CRO)$0.0690430.09%
  • vechainVeChain(VET)$0.023336-0.58%
  • algorandAlgorand(ALGO)$0.221982-2.15%
  • internet-computerInternet Computer(ICP)$5.18-1.14%
  • eosEOS(EOS)$1.19-0.13%
  • elrond-erd-2MultiversX(EGLD)$42.36-1.09%
  • theta-tokenTheta Network(THETA)$1.073.13%
  • aaveAave(AAVE)$74.220.42%
  • tezosTezos(XTZ)$1.12-0.81%
  • neoNEO(NEO)$12.31-2.06%
  • havvenSynthetix Network(SNX)$2.542.19%
  • paxos-standardPax Dollar(USDP)$1.000.27%
  • bitcoin-cash-svBitcoin SV(BSV)$35.930.07%
  • pancakeswap-tokenPancakeSwap(CAKE)$3.720.33%
  • dashDash(DASH)$58.802.71%
  • makerMaker(MKR)$689.420.63%
  • iotaIOTA(MIOTA)$0.2217423.47%
  • huobi-tokenHuobi(HT)$3.66-0.06%
  • zilliqaZilliqa(ZIL)$0.0313518.65%
  • basic-attention-tokenBasic Attention(BAT)$0.2767314.18%
  • zcashZcash(ZEC)$37.68-1.54%
  • nemNEM(XEM)$0.0407913.13%
  • Elrond ERDElrond ERD(ERD)$0.0259290.00%
  • qtumQtum(QTUM)$3.131.18%
  • kusamaKusama(KSM)$33.89-3.87%
  • compound-governance-tokenCompound(COMP)$42.95-0.45%
  • yearn-financeyearn.finance(YFI)$8,747.80-0.43%
  • bitcoin-goldBitcoin Gold(BTG)$16.030.42%
  • ftx-tokenFTX(FTT)$1.89-21.50%
  • golemGolem(GLM)$0.2454402.54%
  • omisegoOMG Network(OMG)$1.56-2.26%
  • wavesWaves(WAVES)$2.131.04%
  • ontologyOntology(ONT)$0.2388452.02%
  • sushiSushi(SUSHI)$1.09-0.64%
  • digibyteDigiByte(DGB)$0.0096870.42%
  • umaUMA(UMA)$2.100.23%
  • ethlendAave [OLD](LEND)$0.53-3.08%
  • UniswapUniswap(UNI)$2.4438.80%