Kraken’s parent Payward taps Singapore Gulf Bank’s network for 24/7 settlements

Key Takeaways

• Payward and Singapore Gulf Bank have partnered to provide 24/7 settlements for institutional investors.
• This partnership addresses the settlement gap between traditional banking hours and crypto markets.
• The service will enable faster and more convenient movement of funds between fiat and digital assets.

Market & Token Impact

• The partnership is expected to increase liquidity and provide real-time processing capabilities for institutional investors.
• Kraken Prime will be integrated into the service, enabling the addition of digital asset liquidity to SGB's banking relationships.
• The service will initially focus on settling USD among a small number of clients, but may expand to other currencies and clients in the future.

Broader Context & What's Next

• Payward's partnership with SGB demonstrates its intent to build a banking network rather than adding just one channel.
• The service will increase Payward's footprint globally and provide access to banking with Kraken Prime.
• Payward's next challenge will be turning expanding banking connections into sustained institutional activity.
• The partnership highlights the importance of continuous settlement for institutional investors and the need for fast and convenient movement of funds between fiat and digital assets.