Payward and Singapore Gulf Bank Team Up for 24/7 Digital Asset Settlement

Payward, the parent company of the cryptocurrency exchange Kraken, has announced a new partnership with Singapore Gulf Bank to offer institutional clients in Asia and the Gulf 24/7 settlement for digital asset trades. The collaboration aims to provide continuous settlement services, allowing eligible clients to settle trades instantly, regardless of traditional banking hours.

The partnership is particularly significant for institutional participants in the digital asset markets, which operate continuously, unlike conventional financial markets that follow fixed schedules. The service is designed to bridge the gap between executing a trade and completing the associated transfer of funds or assets, enhancing efficiency in the crypto space.

The agreement covers clients in Asia and the Gulf, two key regions for digital asset activity. However, the announcement did not provide specific details on the number of participating institutions, the assets covered by the service, or the specific settlement infrastructure being used. It also did not indicate any changes to Kraken's existing trading or custody services.

Instant settlement is a notable feature of infrastructure built for digital assets, as transactions can occur at any time, including outside the operating hours of traditional banking systems. This partnership centers on extending institutional access to settlement services that match the always-on nature of cryptocurrency markets. Further details on the rollout and availability of the service were not provided in the announcement.