Kraken Closes 24/7 Institutional Crypto Settlement Gap with SGB Net Integration

Kraken, a leading cryptocurrency exchange, has taken a significant step in addressing the long-standing issue of institutional crypto settlement. Payward, the parent company of Kraken, has integrated Singapore Gulf Bank's real-time settlement network, SGB Net, to enable 24/7 settlement for institutional clients. This means that eligible clients can now settle transactions instantly, seven days a week, rather than being limited to traditional banking hours.

The initial rollout covers US dollar settlements for a limited number of clients, with plans to expand the currency list and eligible client base beyond this initial phase. SGB Net already processes over $20 billion in fiat transactions each month, making it a substantial existing settlement infrastructure that Kraken's institutional clients are now gaining access to.

The integration of SGB Net addresses the friction point between crypto markets, which trade continuously, and traditional banking settlement, which operates on standard business hours. This gap has created challenges for institutional players needing to move fiat in and out of crypto positions outside normal banking windows.