Kraken Operator Payward and Singapore Gulf Bank Enable Round-the-Clock Crypto Settlements

Payward, the company behind the Kraken exchange, has teamed up with Singapore Gulf Bank to launch a 24/7 dollar settlement service for institutional clients in Asia and the Gulf region. This partnership aims to eliminate banking cutoffs, allowing clients to settle digital asset transactions and manage funds continuously, even on non-business days. The service, powered by SGB Net, processes over $20 billion in monthly fiat transactions and plans to expand to additional currencies and clients in the future.

Mark Greenberg, Chief Commercial Officer of Payward, highlighted the structural challenge of traditional banking hours limiting digital asset operations. He noted that while digital asset markets operate round-the-clock, the cash settlements are restricted by banking hours, causing delays. The integration with SGB Net is designed to address this limitation, enabling immediate fund usage for clients.

Payward is broadening its focus beyond Kraken’s exchange operations to include infrastructure that bridges trading, custody, payments, and banking. This move aligns with reports that BNY is in discussions with Payward about a potential partnership covering digital assets, custody, operations, and payments. For Singapore Gulf Bank, the collaboration with Kraken Prime enhances liquidity, allowing institutional clients to move capital without waiting for the next business day.

While the initial rollout includes a select group of clients and dollar transactions, both firms plan to add more currencies and users over time. However, they did not disclose the number of clients or transaction volumes involved in the initial phase.