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Global payment technology company Circle announced a collaboration with Signature Bank to integrate Circle products and services into the bank's suite of products.
Circle Picks Signature for USDC Reserve Deposits
The new partnership will enable the New York-based Signature Bank to be the leading financial institution for Circle’s USDC reserve deposits, per its press release. Circle would also add its products into Signature’s blockchain-based real-time payment platform, Signet. Jeremy Allaire, CEO, and co-founder of Circle said,“Adding a respected, forward-thinking financial institution to our USDC reserve network is another step forward in adoption and growth for the world's fastest-growing digital dollar currency.”The incorporation of Circle into Signet will bring about full integration of its products and services with the bank. Given that Signet offers real-time payment every day of the week, including weekends, the partnership will enable Circle’s customers to benefit from this special service. Meanwhile, Signet’s speed of real-time payment during weekends is attracting many crypto industry players to the company. Speaking on the development, Signature Bank President and CEO Joseph J. DePaolo disclosed that many of its digital asset-based commercial clients had demanded incorporating Circle into the Signet ecosystem. DePaolo added that the company would complete the integration of Circle in the Signet ecosystem in the coming months. He equally said that the company would seize the opportunity to create future partnerships and tinker with the possible adoption of USDC stablecoin. Circle had attracted partnerships from several global financial service firms in recent times because of the increasing usage of USDC. In March, Visa Head of Crypto Cuy Sheffield tweeted that financial transactions can now be initiated and completed using USDC.