Major Crypto Exchange Partners With Bank to Remove Business-Hour Limits on Dollar Transactions

Kraken parent company Payward will enable select institutional clients in Asia and the Gulf to settle dollar transactions instantly at any time of day under a partnership with Singapore Gulf Bank.

According to an announcement reported by Wu Blockchain, Payward has integrated SGB Net, the real-time settlement network of Singapore Gulf Bank (SGB), a licensed digital bank regulated by the Central Bank of Bahrain. The partnership aims to connect banking infrastructure with institutional transactions in crypto markets.

24/7 settlement for dollar transactions

Through the integration, dollar transactions for institutional clients covered by the service are expected to settle—that is, be conclusively completed between the parties—instantly, seven days a week and 24 hours a day. This means there will be no need to wait for business hours to complete these transactions.

The service will initially be available to select institutional clients in specific regions of Asia and the Gulf and will support U.S. dollar transactions. Although SGB Net is a multi-currency network, expanding the partnership to more clients and additional currencies is planned for later stages.

Access to crypto liquidity for bank customers

The agreement is not limited to speeding up dollar transactions. SGB will also connect to Payward’s Kraken Prime platform to access digital asset liquidity and obtain quotes for transactions on behalf of its own customers.

With this connection, the bank will gain access to liquidity its customers can use for digital asset transactions, while Payward’s institutional clients will also be able to benefit from the bank’s round-the-clock settlement infrastructure.