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Signature Bank Launches New Digital Payments Technology Platform—Signet

In a press release disclosed with Blockchain.News, New York-based Signature Bank announces that it is planning to launch Signet, its digital payments platform, on the Fireblocks network.

What is Signet?

Signet is the first platform of its kind to be approved for use by the New York State Department of Financial Services, and it enables instantaneous payments among Signature Bank clients through Fireblocks’ network. In a press release shared with Blockchain.News, Signature Bank CEO Joseph DePaolo advocates Signet’s advantages:

“The integration with Fireblocks will offer enhanced services to our clients. […]As the digital needs of our clients continue to evolve and the broader adoption of asset tokenization increases, Signet APIs are yet another example of how we continuously strive to help our clients deliver better business performance and improve their operations.”

With Signet, commercial clients of Signature Bank can make real-time payments for free. By making the full functionality of the Signet Platform available within the Fireblocks Network, commercial clients of Signature Bank are now able to initiate transactions through the Fireblocks Network console and API.

Blockchain technology

The Signet Platform uses blockchain technology, and this allows US dollar payments to go through 24 hours a day, 7 days a week, 365 days a year. These transactions are safe and secure, with no transaction fees. Signature Bank and Fireblocks are revolutionizing the financial world by encouraging digital transactions, all the while making sure that the speed and security of digital asset transfers are protected.

With Signet, one can trade cryptocurrencies and fiat money, something that is quite innovative in the banking industry.

Signature Bank is not the only one of its kind to adopt blockchain technology. The commercial bank’s counterpart, JP Morgan, also uses this network to facilitate crypto exchanges from Coinbase and Gemini.

Moving towards new tech innovations

Signature Bank and Fireblocks are slowly but surely revolutionizing the financial world by encouraging digital transactions, all the while making sure that the speed and security of digital asset transfers are protected.

Leading by example

Perhaps with time, other traditional banking institutions will also adopt a personalized digital payments platform. But for now, Signature Bank leads the way in introducing a real-time platform for cryptocurrency and fiat money transfers.

Fireblocks Raises $500M, Taking Valuation to $8B

Digital asset infrastructure provider Fireblocks said that it has raised $500 million from investors, which lifted the company’s value to $8 billion.

The investment it raised from institutional investors made it one of the largest financing rounds in the cryptocurrency sector in the last few years, according to Reuters.

The company also acknowledged that it is now the highest-valued digital asset infrastructure provider globally after receiving an $8 billion valuation, nearly four times higher than the sum it commanded during its Series D six months ago.

“We’re going to use the capital for further investment into new use cases in the digital asset space such as decentralized finance, non-fungible tokens, gaming, entertainment, and music,” Michael Shaulov, Fireblocks chief executive officer, told Reuters.

Fireblocks said that the funding was led by D1 Capital Partners and Spark Capital in participation with other investors such as General Atlantic, Altimeter, Index Ventures and CapitalG, Alphabet’s growth fund.

In decentralized finance, the market facilitates crypto-related transactions outside of customary banks.

Fireblocks provides the infrastructure to strengthen the security of digital assets for companies interested in building cryptocurrencies and digital assets. The company’s clients have increased from 150 to over 800 throughout 2021.

“It’s pretty aggressive growth, and we have a lot of clients from very different use cases and domains, from traditional financial institutions to leading hedge funds, exchanges, neo banks, gaming companies, payment providers and so on,” Shaulov said.

Shaulov also said that other than supporting a wide range of blockchains and tokens, Fireblocks differentiates itself by providing a network for its clients to interact by buying and selling transactions amongst each other.

Among other services, Fireblocks also provides strategic consulting to help clients build digital asset capabilities that are already using its custody platform.

Fireblocks Acquires Stablecoin Payments Startup- First Digital

Fireblocks, a digital asset custody, transfer and settlement platform, has announced its acquisition of First Digital, which is a stablecoin, and digital asset payments technology platform. The latest figure showed that the acquisition was worth $100 million.

As the company unveiled, the acquisition will strengthen the Fireblocks’ payment offering by granting access to all of its Payment Service Providers (PSPs) in its network to accept and conduct their businesses through digital currencies. The acquisition will help all the PSPs within the Fireblock ecosystem in response to the surging demand amongst retail investors for crypto-related payments.

“We’re thrilled to welcome First Digital to the Fireblocks family as we accelerate our expansion plans to help every business become a crypto business. We’re pushing ‘fast forward’ to give PSPs the suite of tools they need to begin accepting crypto payments,” said Michael Shaulov, CEO and Co-Founder.

Fireblocks is currently valued at $8 billion following its $500 million funding round in January. Its deep liquidity arguably paved the way for this acquisition. The deep capital has also positioned the Fireblocks startup as the highest-valued digital asset infrastructure provider globally. This designation will bolster its plans to champion the emergence of a new digital payments enterprise.

Following the acquisition, the First Digital team will join the Fireblocks engineering team, adding their knowledge and expertise in the payments space to the latter firm’s growing tech stack. Ran Goldi, the Chief Executive Officer, will also assume a new role as the Vice President of Payments at Fireblocks.

Mergers and Acquisitions (M&A) are becoming a very prominent trend in the digital currency ecosystem today. To maintain a balanced stance in being prepared for the onboarding of the following 1 billion users that will enter the digital currency ecosystem, firms with adequate backing from Venture Capital (VC) firms like FTX Derivatives Exchange have been making several strategic acquisitions last year.

Israeli Blockchain Startup StarkWare Pulls $100M in Funding at $6B Valuation

StarkWare, an Israeli blockchain startup, is on track to close a $100 million funding round, according to details gathered by local media channel, Calcalistech, the capital raise has not been announced yet, and it is expected to push the startup’s valuation to about $6 billion.

With details of the new round still largely obscure, the recent capital raise will trail the firm’s Series C round in which it pulled $50 million from investors led by Sequoia Capital. The partnership also enjoined Founders Fund, Paradigm, Three Arrows, and Alameda Research participation. After its Series C was concluded last year in November, its valuation was pegged at $2 billion, implying multiple growths in valuation should the new target be achieved.

StarkWare occupies a very pivotal position in today’s fast-growing blockchain ecosystem. The startup develops a series of blockchain solutions that are used to power a number of renowned applications in space today. StarkWare’s zero-knowledge proofs are used by platforms, including but not limited to dYdX, Sorare, and Immutable X.

The level of innovation the company is brandishing has earned it its goodwill amongst its investors and backers, one of whom is Vitalik Buterin, one of the co-founders of Ethereum. Should the Calcalistech projection be actualized, the new funding round should be concluded by May this year.

“As staff, we’re hearing that a deal may be cooking, but we’re not getting a clear sense of details. Nobody will be surprised if there is another big valuation,” an anonymous source at the company said, “It’s surreal. It just looks like another Israeli high-tech office here, but we’re seen in the crypto world as the guys who are bringing about a huge change. There are constantly rumours that this person or such-and-such a fund wants to invest. The company doesn’t need the money, so it has rejected many offers, but if a really attractive deal comes along, it could well be progressing.”

StarkWare was founded in 2018, and it currently employs about 70 staff. Its aggressive capital raise mimics that of Fireblocks, another Israeli blockchain infrastructure provider which pulled $500 million at an $8 billion valuation in January.

FIS Partners with Fireblocks to Enable Capital Market Clients to Access Crypto Products

US-based fintech firm FIS Inc announced on Wednesday that it has partnered with Crypto custody firm Fireblocks to accelerate crypto adoption within the capital markets industry.

The partnership will see the two firms working to enable companies of all types to access the largest crypto trading venues, lending desks, liquidity providers, and decentralized finance (DeFi) applications.

FIS, which provides infrastructure technology services to financial companies, will leverage the Fireblocks platform to enable its capital market clients to move, store, and issue digital assets. It will also allow them access to an asset transfer network, self-custody digital asset wallet technology and tools to access DeFi, staking, and exposure to other major digital assets.

Nasser Khodri, Head of Capital Markets at FIS, talked about the development and said: “As digital currencies become more mainstream, capital markets firms will greatly benefit from a single destination that helps them manage many classes of digital assets. This exciting new agreement is a proof point of our commitment to investing in growing our digital asset capabilities for our global client base.”

Michael Shaulov, Chief Executive Officer at Fireblocks, also commented on the development and stated: “The strategic partnership with FIS will bring the Fireblocks technology to nearly every type of buy-side, sell-side and corporate institution in traditional assets. Together, we will enable a quick way for existing and prospective FIS clients to onboard their digital asset operations and begin tapping into these fast-growing markets.”

Reducing Barriers to Crypto Adoption

FIS remains committed to reducing the barriers to entry into the cryptocurrency market. In July last year, Worldpay, a wholly-owned subsidiary of FIS, partnered with crypto firm MoonPay to enable easier purchasing and selling of crypto coins.

MoonPay leverages Worldpay’s technology to allow users to buy crypto assets and NFTs using credit and debit cards.

Meanwhile, Worldpay provides merchant acquiring services to MoonPay, which enables it to offer card-to-crypto functionality for merchants in more than 160 countries and support 80 digital currencies.

In March, Worldpay from FIS partnered with the Shyft Network to enable its clients (merchants, businesses, companies) to easily comply with current and evolving regulatory requirements.

Worldpay partnered with Shyft Network to continue helping merchants easily comply with cryptocurrency’s evolving regulatory landscape. The partnership enables Worldpay merchants to use Shyft’s Veriscope solution to meet multi-jurisdictional requirements set out by the FATF (Financial Action Task Force) Travel Rule.

The FATF Travel Rule has set strict targets for the anonymity of crypto transfers and aims to fight money laundering and other financial crime in the crypto ecosystem.

Crypto Custody Firm Fireblocks Integrates with the DigitalBits Blockchain

Crypto custody firm Fireblocks has launched a new integration with the DigitalBits blockchain, providing users with secure access to products and services built on the DigitalBits blockchain, such as branded cryptocurrencies, NFTs and other digital assets.

The DigitalBits blockchain is a first-layer protocol for NFTs to tokenize assets and support various brands created on their blockchains. With Beckham’s close relationship with the brand, the partnership will facilitate DigitalBits’ collaboration with global brands such as Adidas, Maserati, Tudor, Sands, Diageo and EA.

“This strategic integration by Fireblocks is a huge milestone within the DigitalBits ecosystem. This unlocks exciting growth opportunities by enabling the connection of the DigitalBits blockchain inclusive of a new category of tokens with global institutions that are embracing digital assets,” Daniele Mensi, Managing Director of the DigitalBits Foundation, said.

With this integration, more than 1,200 crypto and digital asset businesses existing on the Fireblocks network can now access the DigitalBits blockchain and can build fungible tokens and NFTs on the DigitalBits blockchain.

Fireblocks CEO Michael Shaulov said that: “Now, our customers can access the DigitalBits blockchain through the Fireblocks platform, and developers can leverage the Fireblocks suite to manage the entire lifecycle of minting, issuing, burning, and managing fungible tokens and NFTs powered by the DigitalBits blockchain. We look forward to building alongside these communities to deliver a better end-user experience for anything that touches digital assets and crypto.”

Fireblocks is a digital asset custody, transfer and settlement platform. Fireblocks is currently valued at $8 billion after raising $500 million in January.

Fireblocks Taps Former BoE Fintech Head as its CBDC Director

Digital assets infrastructure provider Fireblocks has announced the onboarding of Varun Paul, the former head of fintech at the Bank of England (BoE) as its new Central Banking Digital Currency (CBDC) and Market Infrastructure Director.

In the latest appointment, Varun will work hand in hand with the Fireblocks’ Corporate Strategy team and will answer directly to Adam Levine, the company’s Vice President and Head of Corporate Strategy.

Varun, who holds a bachelor’s degree in economics from the University of Cambridge, brings about 14 years of experience working in key roles with the BoE and as a part of his roles, will interface with Central Banks and infrastructure service providers in the ecosystem.

“Varun brings a wealth of insight and experience from his tenure at the Bank of England that will be invaluable to our team as we engage and partner with leading central banks around the world,” said Levine, adding that,

“From CBDC developments to the tokenization of traditional financial assets, bridging digital assets and blockchain technologies to traditional institutions at scale will require strong working relationships with the central bank community. We are excited about Varun’s ability to help support the digital asset strategy of central banks and market infrastructures.”

Fireblocks has continued to occupy a very pivotal position amongst institutional investors getting involved with both crypto trading and the world of Decentralized Finance (DeFi). For its role in the industry as a whole, the company is getting deep interest from venture capital investors across the board, raising the sum of $500 million back in January to top $8 billion in valuation.

The onboarding of Varun aligns with the firm’s growth push as it seeks to align with several governments, numbering over 100, according to data from International Monetary Fund (IMF) digging into CBDCs. Just as China’s e-CNY embraces private startup’s support – like Meituan Dianping’s – to test-run its Digital Yuan project, Fireblocks hopes that with Varun’s expertise, such relationships can be built with various Central Banks in the near future.

Fireblocks Records $100M in Revenue amid Crypto Winter

Blockchain infrastructure service provider, Fireblocks has announced it has recorded $100 million in Annual Recurring Revenue (ARR).

“For the digital asset industry, 2022 has been a year of consolidation as well as tremendous growth,” said Fireblocks Co-founder and CEO Michael Shaulov. “We saw an unprecedented volume of new market entrants, including fintech, Web3 startups, banks, and PSPs.

Shaulov also noted that its unique “MPC custody and treasury management technology, which has become one of the most fundamental pieces of infrastructure for the digital asset ecosystem, we have seen first-hand the innovation happening among fintechs, Web3 startups, banks, and PSPs who are diligently bringing new digital asset products to market. We will continue growing our secure and scalable product suites to meet this market demand and support every business joining the decentralized economy.”

This feat was achieved in just four years since the unicorn’s first product went live. It effectively positions it in the league of known tech startups like Twilio and Slack that have also recorded similar milestones within the same period.

Fireblocks is an important name in the cryptocurrency ecosystem nowadays as its systems allow businesses to integrate crypto services with minimal effort. Positioned as an institutional grade Software-as-a-Service (SaaS) provider, Fireblocks’ MPC-CMP technology is now used by top brands, including BNP Paribas, Six Digital Exchange, ANZ Bank, FIS, Checkout.com, MoonPay, Animoca Brands, and Wirex.

Investors, including Michelle Bailhe, Partner at Sequoia, have attested to the superiority in the technology that Fireblocks provides. According to her, this has contributed to the startup’s growth over the years.

Backed through a series of Venture Capital fundings, Fireblocks has gained popularity for introducing some of the most secured suites for institutions to integrate crypto-related services. As of this year, Fireblocks said it has about 1,500 institutions making use of its products, positioning it as one of the mainstream goto SaaS providers in the digital currency ecosystem.

BNY Mellon Launches Crypto Custody Service – Report

Bank of New York (BNY) Mellon has announced that its digital assets custody service is now live as it seeks to deepen its foothold in the emerging cryptocurrency ecosystem.

Ranked amongst the oldest and most capitalized banks in the United States, BNY Mellon said the digital assets custody solution will aid its role as a major bridge between the emerging crypto world and the broader traditional financial ecosystem.

“Touching more than 20% of the world’s investable assets, BNY Mellon has the scale to reimagine financial markets through blockchain technology and digital assets,” said Robin Vince, Chief Executive Officer and President at BNY Mellon. “We are excited to help drive the financial industry forward as we begin the next chapter in our innovation journey.”

The bank said it launched the crypto custody service by integrating the technologies of both Fireblocks and Chainalysis, noting that these firms will help it maintain the adequate security and compliance necessary to stay relevant in the highly competitive industry now and in the future.

Arguably, BNY Mellon is positioning itself for a future that digital currencies may soon dominate. The banking giant said it commissioned a survey in which 91% of respondents who are institutional investors said they would be interested in injecting funds into tokenized products. As many as 41% of these respondents are currently holding crypto on their balance sheet, and 15% plan to acquire these assets in the near future.

With this realization, the bank said it is looking to float new products and solutions that can help it converge the needs of its traditional clients as well as those who consider crypto to be the future.

“As the world’s largest custodian, BNY Mellon is the natural provider to create a safe and secure Digital Asset Custody Platform for institutional clients,” said Caroline Butler, CEO of Custody Services at BNY Mellon. “We will continue to innovate, embrace new technology and work closely with clients to address their evolving needs.”

Besides BNY Mellon, Morgan Stanley, Goldman Sachs, and JPMorgan, amongst others, are also heavily invested in the space with their own tailored products and services hitting the market.

Fireblocks Debut Crypto Payments Engine After Successful Trial With Checkout.com

Multi-billion dollar crypto infrastructure services provider, Fireblocks is officially launching its crypto payments engine as it seeks to expand its broad influence in the space.

The new payment engine is specifically designed for merchants, and the launch was fueled after the successful trial of the engine with Checkout.com.

The pilot test with Checkout.com has seen as much as $1 billion settled by the duo, giving the confidence that the service is mass tested for the broader payment industry. As confirmed by Ran Goldi, Fireblocks’ vice president of payments, the service is “Token Agnostic” which means merchants will be able to choose any type of digital currencies they wish to support.

Fireblocks’ is commencing the payment service with FIS’s WorldPay, one of the biggest payment processing companies in the world. As an infrastructure service provider that was built to support massive scaling, the Fireblocks payment solution is well-suited for the global payment ecosystem.

Fireblocks’ primary business offering did not initially include payments, but this notably became the new focus for the company when it completed the acquisition of First Digital, a stablecoin processing firm. As reported by Blockchain.News at the time, the acquisition was valued at $100 million.

According to Goldi, the new service will prioritize stablecoins for now except merchants choose their preferred digital currencies to support. The reason for this conservative embrace is because of the regulatory difference across jurisdictions.

Many merchants are beginning to warm up to the prospect of accepting digital currencies as payments. Infact, several surveys have confirmed that the majority of supermarkets, retailers, and payment processors have either laid out strategies to accept crypto as payments or are in the process of doing so.

With Fireblocks’ new venture into the space, the company will now be competing with existing payment processors in the space including but not limited to BitPay and CoinPayments.