Signature Bank New York: We are now Opening Accounts for Bermuda’s Crypto Startups

Spread the love

Signature Bank, New York-based is offering a full slate of financial services to crypto and fintech startups in Bermuda.

Cryptocurrency startups in Bermuda can now open bank accounts in New York.

In a press release published, the Government of Bermuda announced that it is partnering with New York-based Signature Bank. Per the release, the deal will allow the island nation’s FinTech companies to access US banking services.

Bermuda-licensed companies can start filing banking applications at Signature Bank, the government notified.


The announcement follows years of banks’ love-hate relationship with crypto startups. Following the inception of bitcoin a decade back, not many mainstream banking services agreed to partner with crypto companies. Many a time, it was due to the largely unregulated and confusing legal status of the crypto industry. At the same time, licensed crypto companies with strong backers managed to secure a bank account for themselves.

Nevertheless, Bermuda Premier David Burt acknowledged that banks were still reluctant to take on risks of dealing with young fintech startups, especially those which supported dealings in digital assets like Bitcoin. The lawmaker asserted that Bermuda was doing its bit in providing regulatory certainty to the crypto industry, which includes an amendment in Banks and Deposit Companies Act 1999 to authenticate crypto and fintech businesses.

The change of law led to the licensing of 66 FinTech companies in Bermuda. According to Burt, it was a successful attempt that provided regulatory certainty to Signature Bank.

“Signature Bank’s endorsement showcases how Bermuda is competitively placed to advance the pace of the digitization of global commerce as modern technology is applied to the highly regulated world of finance.”


Signature Bank’s approval of Bermuda’s crypto industry also came in the wake of its friendly nature with cryptocurrency technology. The bank is best known for launching Signet, an Ethereum-based payment platform which uses a stablecoin for settling transactions. Interestingly, Signature Bank was the first commercial bank to have started a stablecoin-backed payment project – even before JP Morgan launched its much-touted JPM Coin in February 2019.

“Since launching at the start of the year, our blockchain based Signet system has on-boarded multiple clients who are using it to send each other millions of dollars, 24 hours a day, seven days a week,” stated Joseph J. DePaolo, President and CEO at Signature Bank. “Currently, we are seeing trades in the millions some days and tens of millions other days, with the number of Signet clients in the triple digits.”

Simultaneously, DePaolo asserted that they would provide Bermuda crypto startups with every banking service that a traditional company gets. That will include deposit accounts and corporate debit cards.

Source: CNN


  1. Hi there! I could have sworn I’ve been to this website before but after going through some of the articles I realized
    it’s new to me. Regardless, I’m definitely pleased I came across it
    and I’ll be bookmarking it and checking back frequently!

  2. Woah! I’m really enjoying the template/theme of this site.
    It’s simple, yet effective. A lot of times it’s very difficult to get that “perfect balance” between user friendliness and visual appeal.

    I must say that you’ve done a great job with this.

    In addition, the blog loads extremely quick for me on Internet explorer.
    Superb Blog!

  3. Undeniably believe that which you stated. Your favorite reason appeared to be on the web the easiest
    thing to be aware of. I say to you, I certainly get annoyed while
    people think about worries that they plainly don’t know about.

    You managed to hit the nail upon the top and also defined out the whole thing without having side effect , people could take a signal.
    Will probably be back to get more. Thanks

  4. Write more, thats all I have to say. Literally, it seems as though you relied on the
    video to make your point. You obviously know what youre talking about, why waste
    your intelligence on just posting videos to your blog when you
    could be giving us something enlightening to read?

  5. Hello there! I could have sworn I’ve been to this site before but after
    reading through some of the post I realized it’s new to me.
    Anyways, I’m definitely happy I found it and I’ll be book-marking and checking back frequently!

  6. Amazing! This blog looks exactly like my old one! It’s on a entirely different subject but it has pretty much the same page
    layout and design. Outstanding choice of colors!

  7. Hi there very cool blog!! Guy .. Excellent
    .. Wonderful .. I’ll bookmark your blog and take the feeds also?

    I’m happy to search out numerous useful info here within the put up, we want develop more strategies on this regard, thank you for sharing.

    . . . . .

  8. Hi, this weekend is nice for me, as this point in time i am reading this
    wonderful educational post here at my residence.

  9. Because the admin of this web page is working, no doubt very shortly it will be
    renowned, due to its quality contents.

  10. Simply desire to say your article is as surprising. The clearness
    to your submit is just nice and i could suppose you’re a professional in this subject.
    Well with your permission allow me to clutch your RSS feed to keep
    updated with impending post. Thanks one million and please keep up the rewarding work.

  11. Hey I know this is off topic but I was wondering if you knew of any widgets I could add to my blog that automatically tweet my newest twitter updates.
    I’ve been looking for a plug-in like this for quite
    some time and was hoping maybe you would have some experience with something like this.
    Please let me know if you run into anything. I truly enjoy reading your blog and
    I look forward to your new updates.

  12. Attractive component of content. I just stumbled upon your weblog and in accession capital to claim
    that I acquire actually loved account your blog posts.
    Anyway I will be subscribing to your feeds or even I fulfillment
    you access constantly fast.

Leave a Reply

Your email address will not be published.