Payward, the financial infrastructure company behind crypto exchange Kraken, integrated Singapore Gulf Bank’s real-time clearing network to enable institutional clients to settle qualifying digital-asset transactions around-the-clock and fund trading even on a non-banking day.
The service begins with U.S. dollar transactions for a select group of clients in eligible Asian and Gulf region jurisdictions, Payward announced on Sunday.
Mark Greenberg, Payward’s chief commercial officer, explained the deal targets a fundamental issue affecting crypto markets. While assets trade all weekend and around the clock, the cash that funds those trades often remains subject to bank cut-off times and multi-day settlement. SGB Net allows clients to deposit funds with Payward and use them immediately.
“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,” Greenberg added.
Payward is expanding beyond Kraken’s exchange business into the infrastructure that connects trading, custody, payments and banking. It follows a report last week that BNY is in discussions with Payward over a potential tie-up spanning digital assets, custody, trading and payments.
Powered by WPeMatico
