NFT Collection The Superlative Secret Society Price, Stats, and Review
Binance loses 25% of Bitcoin market share as offshore markets shrinks
Bitcoin and Solana prices dip as investors explore Raboo ICO
Riot’s Price jumps 23% on analysts’ bullish forecast
Trader loses over $180k in USDC, ANDY to phishing attack
Binance-backed defi protocol Velvet Capital suffers front-end attack
Bitcoin miners’ revenue drops amid declining transaction fees
XRP SEC Case Update: Ripple Accuses SEC of Violation, Lawyers Unveils End Date
OP, YGG Feeling Sell-Side Pressure as Unlocks Loom
Cardano Founder Celebrates Next Step To Reach ‘Global Scale’
Cardano Founder Charles Hoskinson Labels USDC As Early CBDC
Vitalik Buterin Among Several High-Profile Names With Over $1 Million Locked in Bridges
Ripple Vs SEC: Pro-XRP Lawyer Explains Why ODL Sales Are Not Investment Contracts
Memecoin Mania Onboarding ‘Thousands and Thousands’ of People Into Base’s Economy, Says Creator Jesse Pollak
PayPal to offer BTC rewards to sustainable Bitcoin miners
Global investors choose Pushd presale despite Fetch.Ai surge
BTCC Exchange’s Renaissance art and Bitcoin fusion fascinated Paris Blockchain Week attendees
Venezuela reportedly turns to USDT for oil export as US sanctions bite
Solana and Cardano dip as Rebel Satoshi’s presale excites market
WEEX Exchange Unveils WXT Token to Enhance Ecosystem and Reward Community Engagement
Crypto Trader FalconX Unveils Institution-Friendly Custody, Trading and Credit Services
As Shiba Inu and Avalanche falter, investors turn to Borroe Finance
Animoca Brands Japan Teams up With Square Enix to Market ‘Symbiogenesis’ and Its NFT Collection
Is Ethereum set for a comeback after $3.7k rejection? Metrics suggest…
How Read Write is Helping Players Choose Better Crypto Casino Sites
New York Financial Regulators Approve Blockchain Payments System
New York state financial regulators have authorized a blockchain-based payments system offered by a local commercial bank.
The Department of Financial Services of New York (NYDFS) has authorized a blockchain-based digital platform offered by a local bank, an official NYDFS press release states Dec. 4.
NYDFS superintendent Maria T. Vullo announced today that the department authorized New York-based Signature Bank to offer its digital payment platform Signet in the state. The approved system reportedly uses blockchain technology to allow the bank clients to “transfer ‘Signets’ to make payments with no transaction fees, at any time of the day, year-round.”
The system purportedly allows funds “to be transferred in real-time between two commercial clients of Signature Bank, eliminating any dependence on a third party.” Signet has been subject to a “comprehensive and rigorous review” and needs to comply with “significant regulatory conditions.”
Namely, the “approval includes required conditions to ensure [...] compliance with New York’s strong standards and regulations regarding anti-money laundering (AML), anti-fraud, and consumer protection measures.”
Moreover, Signet balances are eligible for coverage by the Federal Deposit Insurance Corporation (FDIC), of which Signature Bank is a member. This corporation underwrites most private U.S. bank deposits “up to the legal insurable amounts defined.”
Vullo declared that the department is “pleased to strengthen and foster regulated innovation [...] specifically within our state-chartered banking system.” The superintendent stated:
“New York continues to support and help advance innovation through sound state regulation and with products such as Signet...”
According to the press release, Signature bank is a “full-service commercial bank with 30 private client offices throughout the New York metropolitan area,” which currently has $45.87 billion in assets.
This is just the latest development in the growing New York blockchain industry. In November, crypto hardware wallet Ledger opened a New York office to develop its institutional custody offering Ledger Vault.
Coinbase, the highest-volume U.S.-based cryptocurrency exchange, also obtained approval to offer crypto custody services in the state in mid-October.