As traditional finance and cryptocurrencies converge, banks are increasingly focusing on integrating crypto services. Take Singapore Gulf Bank as an example.
The company, which is licensed in Bahrain, has partnered with Fireblocks to expand the liquidity of its custody and crypto services.
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- Singapore Gulf Bank partners with Fireblocks to expand crypto services
- The bank will use Fireblocks’ infrastructure for storage, fiat ramps, and stablecoin issuance.
- SBG is backed by Bahrain’s sovereign wealth fund, Mumtalakat.
According to Singapore Gulf Bank CEO Sean Chan, the integration with Fireblock will enable the bank to provide crypto companies with a stable and regulated banking experience.
This includes exchanges, trading houses and payment providers, who will be able to access services from licensed digital banks regulated by the Central Bank of Bahrain.
“We exist to make regulated banking work for the digital asset economy,” Chan said. Using Fireblocks, you can automate processes, reduce operational risks, and most importantly, provide your clients with faster and more secure access to digital asset services such as crypto assets, on- and off-ramps, and stablecoin trading. ”
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SGB consolidation: signs of convergence
The integration of Fireblock by SGB, which is backed by Bahrain’s sovereign wealth fund Mamtalakat and Singapore’s Whampoa Group, is a sign of the growing convergence of tradFi and DeFi.
As a result of this integration, SGB will be able to offer custodial services, automated crypto asset management, and stablecoin issuance.
“SGB is enhancing banking choice by providing secure and reliable access to financial services for digital asset businesses,” said Stephen Richardson, CSO and Head of Banking at Fireblocks. “With Fireblocks’ enterprise-grade infrastructure, SGB is well-positioned to streamline operations, reduce risk, and enable real-time on-chain financial services as demand accelerates.”
Earlier this year, SGB launched SGB Net, a real-time multi-currency payments network designed specifically for digital asset companies.
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