Kraken Operator Teams Up with Singapore Gulf Bank for 24/7 Crypto Settlement
Payward, the operator of the popular crypto exchange Kraken, has partnered with the Singapore Gulf Bank to enable 24/7 institutional crypto settlement. This partnership addresses the long-standing issue of traditional banking hours not aligning with the 24/7 nature of crypto trading.
The service, which is currently available for U.S. dollar transactions, allows select institutional clients in eligible Asian and Gulf jurisdictions to settle qualifying digital-asset transactions around the clock. This means that clients can deposit funds with Payward and use them immediately, without having to wait for the next banking day.
Mark Greenberg, Payward's chief commercial officer, noted that the banking constraint is a fundamental issue affecting crypto markets. 'Exchanges, payment providers, OTC desks and fintechs all run into the same banking constraint: settlement stops when the business day does, while their markets do not,' he said.
The partnership with Singapore Gulf Bank aims to expand Payward's infrastructure beyond its exchange business into the realm of trading, custody, payments, and banking. The bank's real-time clearing network, SGB Net, processes over $20 billion in fiat transactions each month, and the firms plan to add more clients and currencies over time.