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Signature Bank To Work With Fintech Startups In Bermuda

20:30 02/03/2019
New York Bank To Help Crypto Business In Bermuda

A commercial Signature Bank from New York is going to provide services to fintech companies from Bermuda, according to The Royal Gazette.

 

Most Bermudian banks refuse to cooperate with local startups dealing with blockchain and other technologies. The Bermuda Prime Minister David Burt state that the bank from NY will offer a full range of financial services to firms that comply with the country's regulatory rules and the institution’s standards.

 

Burt stressed that such a step encourages the desire of Bermuda to establish an advanced legislative framework for the fintech business. In turn, representatives of the bank hope to help the island nation further develop the industry of distributed ledger and digital currencies.

 

Last year, the Bermuda authorities made legislative amendments to support the crypto business in the country. In July, a new specific class of banks was created, focused on startups from the blockchain industry. At that time, Burt noted that the success of crypto and fintech startups on the islands depends considerably on the ability to utilize the required banking services.

 

Currently, there are 66 startups registered on the islands that can turn to Signature Bank for help. It is noteworthy that in late 2018, the NY-based bank launched its own distributed platform called Signet, which was approved by the state regulators.

 

Signet allows making transactions 24 hours without fees between two bank customers and any third party. So far, the platform works only in the state of New York, where there are 30 offices of Signature Bank. Joseph DePaolo, the institution’s head, claims that the transaction volume on Signet sometimes reaches tens of millions of dollars per day.

 

Previously, a Swiss bank Julius Baer started working with digital currencies.

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