Home
News
- Signature Bank added to the Focus List of JP Morgan with respect to Crypto prime position
- Enhanced technology is suitable to cryptocurrencies and also other existing products
- The bank has formed its own SBNY’s digital asset banking team
Turning Point for Signature Bank
Signature Bank is a New York based commercial bank specializing in services such as equipment finance and leasing, investment advisory, brokerage, asset management and insurance related products. In an interesting turn of events, US financial giant JP Morgan has added Signature bank stocks to its Focus list, as it can ride the current crypto wave. This news led to a 3.5% increase in premarket trading. The below graph highlights the pace at which the share price has risen from $150 to $200 within a month:
The bank has formed its own SBNY’s digital asset banking team, its Signet platform and API [Application Interface Programme] in mid-2020. This will position the bank to gain from the surging Bitcoin price.
Signet, which is their block-chain real time payment platform, has been termed as a ‘critical tool’ and the bank is now one of the players in the ‘first inning of banking the digital economy’. It allows customers to make payment to each other.
It has maintained a strong rating and its deposits from digital related clients have doubled in size from its next closest competitor in the industry. It has deposits of around $10 billion in comparison to Silvergate Bank which has around $5 billion of deposits.
This episode would decide the future of crypto performance and such banks, as they would be positioning themselves with required technology. Once they develop the necessary expertise, they could work hand in hand with major financial giants and develop a strong niche in the overall crypto market.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
