Kraken and SGB Partner for 24/7 Institutional Crypto Settlements

Kraken's parent company, Payward, has formed a strategic partnership with Singapore Gulf Bank (SGB) to offer 24/7 settlement services for institutional crypto clients. Announced on October 5, this collaboration links Payward's digital-asset infrastructure with SGB Net, a real-time clearing platform. Initially, the service will focus on U.S. dollar settlements for a select group of institutions, with plans to expand to other currencies and more clients in the future.

The partnership benefits both parties: Payward gains access to SGB Net for fiat settlement, while SGB can use Kraken Prime for liquidity in digital assets. SGB Net processes over $20 billion in fiat transactions monthly, making it a significant player in bridging traditional finance and digital assets. This partnership is part of SGB's broader strategy to connect regulated banking infrastructures with crypto firms in the Gulf and Asia regions.

The need for 24/7 fiat settlement has grown since the collapse of crypto-supporting U.S. banks in 2023, which previously offered similar services. The Kraken-SGB partnership represents the industry's effort to rebuild this infrastructure, ensuring continuous operation for digital asset markets. This collaboration follows Payward's earlier partnership with SoFi, which provided 24/7 settlement in the U.S. banking network.