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Signature Bank to offer Banking Services to Bermudian Crypto Startups

Image Credit: Daily Herald

Signature Bank of New York has announced that it will be offering full banking services to fintech firms in Bermuda. In addition, to crypto startups struggling to secure accounts. Banking services will be available to licensed fintech firms and 66 startups functioning in the country. As per the official statement, companies can start applying immediately.

Bermudian Premier David Burt said:

“Signature Bank’s willingness to consider Bermuda-licensed businesses for banking services is a significant vote of confidence in and endorsement of Bermuda’s efforts to create a leading high standard regulatory regime for fintech business.”

Also, Signature Bank Vice-Chairman John Tamberlane said:

“We are impressed with the progress Bermuda has made to date on a regulatory front, and look forward to working with the Government of Bermuda to help promote growth and expansion of the fintech and digital asset industry in that country.”

Bermuda Overhauls Regulatory Framework

The Bermudian Regulatory Framework has undergone a major overhaul to accommodate crypto, fintech and blockchain businesses. Also, in July 2018, the state amended “Banks and Deposit Companies Act 1999. The amendment was done to build a new class of Banking services for fintech and blockchain-based businesses.

Premier Burt said that the success of fintech industry is highly dependent on optimum banking services and the operational scope of the enterprises. 

Also, in the same month the Bermudian government came up with new regulations for Initial Coin offerings. As per the regulation, Bermudian ICO issuers will need to provide all necessary information about the project and the people involved in it. Subsequently, 66 fintech companies have been incorporated in Bermuda.

About Signature Bank

Signature Bank offers business and personal banking products and services. Also, a venture arm, Signature Financial, provides equipment finance and leasing.

Another venture arm, Signature Securities Group Corporation, a wholly owned bank subsidiary, functions as a licensed broker-dealer, investment adviser and member of FINRA and SIPC, offering investment, brokerage, asset management and insurance products and services.

Forbes has rated the bank as one of America's Fifty Most Trustworthy Financial Companies. As of September 30, 2018, the bank had total assets of $45.87 billion, deposits of $36.09 billion, and loans of $35.13 billion.

Launch of Signet Platform

In December 2018, the Department of Financial Services of New York authorized a blockchain-based digital platform offered by Signature Bank called Signet. The platform has on-boarded several clients and has daily trade volume of millions.