The network will compete with the Silvergate Exchange Network and Signature’s Signet in the 24/7 real-time payments market.
Signet is a real-time payments platform built on the Ethereum blockchain.
Signature’s CEO said on an earnings call Wednesday the bank wants it to be a “no-loss business.”
These deposits are seen as a proxy for growth among crypto-industry clients.
The partnership will allow for future integrations of Circle products and services within the bank.
Signature is "positioned to ride the crypto wave," a JPMorgan analyst wrote.
Signature's $10 billion in deposits from crypto businesses is now double that of rival Silvergate.
These deposits are seen as a proxy for growth among crypto-industry clients.
Deposits at crypto-friendly Signature Bank grew by $4.11 billion, an 8% increase, in the third quarter of 2020.
Signature Bank gave $20 million in PPP loans to roughly 40 firms in the digital asset space. Only nine loans were revealed in public documents last month.
Out of the nearly $8 billion in deposit growth that Signature Bank saw in the second quarter of 2020, $1 billion was raked in by the firm’s digital assets team.
Tokensoft has partnered with New York-based Signature Bank in a bid to make security tokens click for real estate investors.
Crypto-friendly Metropolitan Commercial Bank reported $25 million more in deposits from crypto customers in the first quarter of 2020.
Crypto banking rivals Prime Trust and Signature Bank have partnered to offer "real-time" settlements for institutional digital asset trades.
U.K.-based crypto exchange CEX.io says it's joined the Silvergate Exchange Network, the payment rail of the go-to bank for crypto in the U.S..