As traditional finance and crypto converge, banks are increasingly focused on integrating crypto services. Look at Singapore Gulf Bank as an example.
The firm, licensed in Bahrain, partnered with Fireblocks for custody and to expand liquidity for its crypto services.
According to Shawn Chan, CEO of Singapore Gulf Bank, the integration with Fireblocks enables the bank to offer a stable, regulated banking experience to crypto companies.
This includes exchanges, trading firms, and payment providers, who will have access to services by a licensed digital bank regulated by the Central Bank of Bahrain.
“We exist to make regulated banking work for the digital asset economy” said Chan. By using Fireblocks, we’re able to automate processes, reduce operational risk, and most importantly offer clients faster, safer access to digital asset services like crypto treasury, on- and off-ramps, and stablecoin transactions.”
Backed by Bahrain’s sovereign wealth fund, Mumtalakat, and Singapore’s Whampoa Group, SGB’s integration of Fireblocks is a sign of growing convergence between tradFi and DeFi.
As a result of this integration, SGB will be able to provide custody services, automated crypto treasury operations, and stablecoin issuance.
“SGB is enhancing options in banking by providing secure, reliable access to financial services for digital asset businesses,” said Stephen Richardson, CSO and Head of Banking at Fireblocks. “With Fireblocks’ enterprise-grade infrastructure, SGB is well positioned to streamline operations, mitigate risk, as well as enable real-time on-chain financial services as demand accelerates.”
Earlier this year, SGB launched SGB Net, a real-time, multi-currency clearing network designed specifically for digital asset firms.
