Circle Collaborates With Signature Bank On USDC Integration
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.
Circle’s USDC Growing Higher
The Boston-based Fintech firm is making waves in the crypto industry due to the growing adoption of USDC.
Earlier, the CEO of Circle Jeremy Allaire tweeted that the cryptocurrency industry will grow higher under the administration of US President Joe Biden. Allaire holds that Biden’s administration will be supportive because moderate politics benefit cryptocurrency.
Circle has continued to improve its service to enhance seamless transfer for customers. Earlier, the company announced the roll-out of a new Application Programming Interface (API) to enable users to convert USDC to USD through an automated clearinghouse (ACH) system in a seamless manner.
The first exchange to adopt the new API was FTX.
Speaking on the innovation, Jeremy Allaire said that Circle’s API provides a fast, reliable, and trusted infrastructure in connecting bank transfers to retails products with the aid of USDC.