A New York State-chartered commercial bank, Signature Bank, has been awarded a permit to develop a blockchain-driven real-time payment system, the state’s Department of Financial Services (NYDFS) said on Tuesday. The project, called Signet Platform, is a joint initiative between the bank and trueDigital, a cryptocurrency exchange owned by New York’s swap market trueEX.

Signature Bank and trueDigital decided to use distributed ledger technology (DLT) because the blockchain allows settlement of transactions at any time with no need for a third party. Currently, the bank’s clients must send their payments within the working hours, which takes a lot of time, causes delays and worth significant amount of money, Joseph J. DePaolo, Signature Bank’s president and CEO explai…

This article appeared first on Cryptovest

Like this: Like Loading...