o3n [ozone] blockchain layer

Blockchain source

Menu
  • Cybersecurity services
Menu

New York-Based Signature Bank to Offer Services to Fintech Firms in Bermuda

Posted on March 1, 2019 by nbelov

Signature Bank, a New York-based bank with its own blockchain platform, will offer financial services to fintech firms in Bermuda.

New York-based commercial bank Signature Bank will begin offering financial services to fintech firms in the island nation of Bermuda, local news daily the Royal Gazette reports on Feb. 28.

According to the Royal Gazette, banks in Bermuda have mostly avoided dealing with the fintech industry, which is in need of financial services. Bermudian Premier David Burt said:

“Signature Bank’s willingness to consider Bermuda-licensed businesses for banking services is a significant vote of confidence in and endorsement of Bermuda’s efforts to create a leading high standard regulatory regime for fintech business.”

A reported government announcement stated that Signature Bank “has agreed to provide a full range of banking services to companies that meet Bermuda and Signature Bank standards.” Signature Bank Vice-Chairman John Tamberlane said:

“We are impressed with the progress Bermuda has made to date on a regulatory front, and look forward to working with the Government of Bermuda to help promote growth and expansion of the fintech and digital asset industry in that country.”

Bermuda has overhauled its regulatory frameworks to accommodate crypto, blockchain and fintech businesses. In July 2018, the government amended the Banks and Deposit Companies Act 1999 to create a new class of bank for blockchain and fintech businesses. Premier Burt then said, “The fintech industry’s success globally depends on the ability of the businesses operating in this space to enjoy the necessary banking services.”

That same month, the government proposed new regulations for initial coin offerings (ICOs). The regulations required Bermudian ICO issuers to provide detailed information about the projects including “all persons involved with the ICO.” The government awarded its first certification under the new regime in October 2018.

Burt told the Royal Gazette today, “As a result of our business development and promotional efforts, 66 fintech companies have been incorporated in Bermuda.”

In December 2018, the Department of Financial Services of New York authorized a blockchain-based digital platform offered by Signature Bank called Signet. The bank’s CEO Joseph DePaolo told the Royal Gazette:

“Since launching at the start of the year, our blockchain based Signet system has on-boarded multiple clients who are using it to send each other millions of dollars, 24 hours a day, seven days a week. […] Currently, we are seeing trades in the millions some days and tens of millions other days, with the number of Signet clients in the triple digits.”

Source: Cointelegraph https://cointelegraph.com/

Recent Posts

  • Social-Media Disruptor Project Liberty to Run on Polkadot’s Blockchain Network – CoinDesk May 24, 2022
  • ADDX bags $58M to reduce min. private investment by 10x via smart contracts May 24, 2022
  • WEF 2022, May 24: Latest updates from the Cointelegraph Davos team May 24, 2022
  • Stake Casino and the Crypto Boom: How Blockchain Technology Changed More than Just the Finance Industry – Analytics Insight May 24, 2022
  • What does the crypto crash mean for blockchain, crypto VCs? – ITP.net May 24, 2022
  • Crystal Blockchain is expanding its sales team for H2 2022 – PR Newswire May 24, 2022
  • Crystal Blockchain is expanding its sales team for H2 2022 – Yahoo Finance May 24, 2022
  • HIVE Blockchain Technologies announces 1-for-5 share consolidation – Seeking Alpha May 24, 2022
  • Blockchain in Healthcare Market Growth Prospect and Future Scenario by Key Players- IBM Corporation, Microsoft Corporation, Guardtime AS – The Daily Vale – The Daily Vale May 24, 2022
  • Project SEED to Shape the Future of Blockchain Gaming | Bitcoinist.com – Bitcoinist May 24, 2022
  • Can blockchain offer the solution to crowdfunding? – CryptoSlate May 24, 2022
  • Massive Growth of Blockchain in Genomic Data Management Market by 2029 | Amazon.com Inc, PayPal, Staples Inc – The Daily Vale – The Daily Vale May 24, 2022
  • Law Decoded: The long waves in the aftermath of UST’s crash, May 16-23 May 24, 2022
  • Coinbase offers 'thousands of tokens' in expanded swap service May 24, 2022
  • FTX reportedly shopping for brokerages in preparation for stock trading May 24, 2022
  • HIVE Blockchain Announces 5 to 1 Share Consolidation Effective at Market Open May 24, 2022 – Yahoo Finance May 24, 2022
  • Financial experts seek review of blockchain, fintech regulations – Punch Newspapers May 24, 2022
  • Accubits named among global blockchain solutions providers – BusinessLine May 24, 2022
  • IoT and Blockchain Market 2022 to Register Incredible Developments – IBM, Intel, The Linux Foundation, Microsoft, Ethereum Foundation, etc – The Daily Vale – The Daily Vale May 24, 2022
  • Blockchain Distributed Ledger Market Upcoming Trends, Segmented by Type, Application, End-User and Region -Chain, Microsoft Corporation, Eris Industries, IBM, Blockchain Tech, Accenture, Earthport, Deloitte, Intel, Digital Asset Holdings – The Daily Vale – The Daily Vale May 24, 2022
  • eBay drops first NFT collection to non-crypto mainstream buyers May 24, 2022
  • South Korean police request exchanges freeze LFG related funds May 24, 2022
  • Legion Network Launches Blockchain Super App – GlobeNewswire May 24, 2022
  • Core Ethereum developer details changes to expect after the Merge May 24, 2022
  • Blockchain In Automotive Market would Register a Healthy Growth of USD 49.93 billion by 2027 :IBM (US), Microsoft (US), Accenture (Ireland), carVertical (Estonia), Helbiz (US), Tech Mahindra (India), SHIFTMobility (US), BigchainDB (Germany) – The Daily V – The Daily Vale May 24, 2022
  • Blockchain Platforms Software Market Size 2022-2029| Key Players – IBM, Intel, Microsoft, Ethereum, Ripple – The Daily Vale – The Daily Vale May 24, 2022
  • Legal Issues Arise Where the U.S. Government Meets the Metaverse – The National Law Review May 23, 2022
  • LongHash Ventures Partners With Protocol Labs to Launch the Third LongHashX Accelerator Filecoin Cohort May 23, 2022
  • The blockchain tide is out – The Financial Express May 23, 2022
  • EDC Blockchain (EDC) What Does the Chart Say Monday? – InvestorsObserver May 23, 2022

Ad

Ad

©2022 o3n [ozone] blockchain layer | WordPress Theme by Superbthemes.com