Kraken Parent Integrates SGB Net for Instant Settlement for Digital Asset Trades

Kraken crypto exchange’s parent firm Payward has integrated Singapore Gulf Bank’s SGB Net, bringing always-on settlement to institutional digital asset markets. The bank will also onboard Kraken Prime as an additional source of digital asset liquidity.

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Kraken Parent Payward Partners with Singapore Gulf Bank

In an official announcement on October 5, Payward said it has integrated with SGB Net, Singapore Gulf Bank’s real-time multi-currency clearing network. Institutional clients of both firms can now settle qualifying transactions instantly and 24/7, rather than waiting for bank cut-off times that can stretch settlement over days.

The settlement begins with U.S. dollar transactions for a select group of clients in supported jurisdictions, with plans to add more clients and currencies later. Through SGB Net, an SGB client can deposit funds with Payward and put them to work immediately at any hour.

In addition, Singapore Gulf Bank is onboarding Kraken Prime, Payward’s institutional prime brokerage, as an additional source of digital asset liquidity. Over the coming months, SGB expects to use Payward’s markets to price trades for its own customers.

“Exchanges, payment providers, OTC desks and fintechs all run into the same banking constraint. Settlement stops when the business day does, while their markets do not. SGB has built settlement infrastructure that reflects the future of digital asset banking and payments,” said Mark Greenberg, Chief Commercial Officer of Payward.

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Recent Expansions by the Firm

The SGB link is the latest step in Payward’s push to attach regulated banking rails to Kraken’s institutional stack ahead of a long-discussed public listing. Recently, Payward partnered with SoFi Technologies for round-the-clock dollar settlement. Kraken listed SoFi’s bank-issued stablecoin SoFiUSD and SoFi began routing digital asset liquidity through Kraken Prime.

BNY and Payward are also in private talks regarding a broad partnership spanning digital assets, custody, wealth management, trading, and payments through Payward’s B2B platform, Payward Services.

As CoinGape reported earlier, Nasdaq is investing in Kraken’s parent company Payward. The investment to further deepen the strategic partnership to accelerate the development of financial infrastructure supporting tokenized equities trading, clearing and settlement.

Check the best stablecoin settlement platforms for financial institutions to move, receive, convert, custody, mint, redeem and settle value using fiat-backed stablecoins.