Coinbase Commences Partnership With Signature Bank to Provide Real Time Settlement via Signet™

NEW YORK–(BUSINESS WIRE)–Signature Bank (Nasdaq: SBNY), a New York-based full-service commercial bank and a leading financial institution serving the blockchain industry, and Coinbase Exchange, one of the most liquid regulated crypto spot exchanges in the world, announced today their expanded relationship.

Coinbase Exchange has integrated with Signature Bank’s Signet™ platform, a revolutionary blockchain-based, digital payments platform, to provide a real-time settlement and payment rail for their institutional clients. Through this enhanced relationship, Coinbase’s Exchange clients can utilize Signet to fund and settle their Coinbase accounts in real-time, 24/7/365.

Joseph DePaolo, President and Chief Executive Officer at Signature Bank, commented on the relationship with Coinbase: “Since its 2019 unveiling, our Signet payments platform has been adopted by a majority of the key players in the digital asset space settling with each other in real time. Adding another vital member, such as Coinbase, to the Signet ecosystem only stands to further solidify Signature Bank’s leadership position in the space.”

“We are excited to support new and innovative institutional fiat rails like Signet. We will continue our investment into these rails to provide institutional investors an easy and safe way to bring fiat on platform and increase liquidity to crypto assets,” said Jim Migdal, Vice President, Business Development at Coinbase.

About Coinbase

Coinbase is building the cryptoeconomy – a more fair, accessible, efficient, and transparent financial system enabled by crypto. Coinbase started in 2012 with the radical idea that anyone, anywhere, should be able to easily and securely send and receive Bitcoin. Today, Coinbase offers a trusted and easy-to-use platform for accessing the broader cryptoeconomy.

About Signature Bank

Signature Bank (Nasdaq: SBNY), member FDIC, is a New York-based, full-service commercial bank with 39 private client offices throughout the metropolitan New York area, as well as those in Connecticut, California, Nevada and North Carolina. Through its single-point-of-contact approach, the Bank’s private client banking teams primarily serve the needs of privately owned businesses, their owners and senior managers.

The Bank has two wholly owned subsidiaries: Signature Financial, LLC, provides equipment finance and leasing; and, Signature Securities Group Corporation, a licensed broker-dealer, investment adviser and member FINRA/SIPC, offers investment, brokerage, asset management and insurance products and services.

Since commencing operations in May 2001, Signature Bank reached $116 billion in assets and $104.12 billion in deposits as of June 30, 2022. Signature Bank placed 19th on S&P Global’s list of the largest banks in the U.S., based on deposits as of year-end 2021.

Signature Bank was the first FDIC-insured bank to launch a blockchain-based digital payments platform. Signet™ allows commercial clients to make real-time payments in U.S. dollars, 24/7/365 and was also the first solution to be approved for use by the NYS Department of Financial Services.

For more information, please visit https://www.signatureny.com.

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