Kraken's parent company, Payward, has integrated Singapore Gulf Bank's SGB Net, enabling 24/7 instant settlement for institutional digital asset trades. The partnership also sees Singapore Gulf Bank onboarding Kraken Prime as a source of digital asset liquidity.
The integration of instant settlement infrastructure for digital assets by Kraken's parent company and Singapore Gulf Bank could significantly reduce counterparty risk and operational friction for institutional investors, potentially increasing the efficiency and adoption of digital asset markets.
Kraken's parent company, Payward, has integrated Singapore Gulf Bank's (SGB) SGB Net, a real-time multi-currency clearing network, to offer instant, 24/7 settlement for institutional digital asset trades. This move aims to overcome traditional banking constraints where settlement can be delayed by business hours.
Initially, the service will focus on U.S. dollar transactions for a select group of clients in supported jurisdictions, with plans to expand to more clients and currencies. SGB will also onboard Kraken Prime, Payward's institutional prime brokerage, as an additional source of digital asset liquidity. SGB anticipates using Payward's markets to price trades for its customers in the coming months.
Mark Greenberg, Chief Commercial Officer of Payward, stated that SGB's infrastructure reflects the future of digital asset banking and payments, addressing the limitations of traditional settlement times. This integration is part of Payward's broader strategy to connect regulated banking services with its institutional offerings, ahead of a potential public listing. Previously, Payward partnered with SoFi Technologies for continuous dollar settlement and listed SoFi's stablecoin, SoFiUSD. Additionally, Nasdaq is investing in Payward to enhance financial infrastructure for tokenized equities trading.
Pick the topics you care about. Get only what matters, on your cadence.