NYDFS Licensed A Blockchain Based Digital Payment Platform.

NYDFS Licensed A Blockchain Based Digital Payment Platform.

2018-12-05 | Robin Williams

NYDFS Licensed A Blockchain Based Digital Payment Platform.

In line with a recent official press release, the Department of NYDFS [Financial Services of New York] has licensed a blockchain-based digital platform offered by a native bank.

NYDFS superintendent named ‘Maria T. Vullo’ recently proclaimed  that the department licensed New York-based Signature Bank to supply its digital payment platform Signet within the state. The approved system reportedly employed blockchain technology to permit the bank individuals to “transfer ‘Signets’ to create payments with no included transactional fees, at any time of the day, year-round.”

The system supposedly permits funds “to be transferred in real time between 2 commercial individuals of Signature Bank, eliminating any dependence on a 3rd party.” Signet has been subjected to a “comprehensive and rigorous review” and required to comply with some “significant regulative conditions.”

However, presently the approval requires some conditional to be full-filled first…in compliant with the New York’s robust standards and laws concering AML [Anti Money Laundering], anti-fraud and individual security measures.

Additionally, Signet balances are eligible for coverage by the FDIC [Federal Deposit Insurance Corporation], of that Signature Bank is a member. This corporation underwrites most non-public U.S. bank deposits “upto the legal insured amounts outlined.”

Vullo also stated that the department is “pleased to strengthen and foster regulated innovation [...] specifically within our state-chartered banking industry.” The superintendent stated:

“New York continues to support and facilitate advance innovation through sound state regulation and with merchandise like Signet...”

In line with the release, Signature bank could be a “full-service commercial bank with over thirty non-public consumer offices throughout the New Yorks metropolitan phase,” that presently has $45.87 Bln in assets.

This is simply the newest development within the growing New York’s blockchain ecosystem. Earlier in Nov, crypto hardware wallet ‘Ledger’ opened a new workplace in New York to develop its institutional custody providing Ledger Vault.

Coinbase, the highest-volume U.S.-based cryptocurrency exchange, conjointly obtained approval to supply crypto custody services within the state in mid-October.

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