Before its failure in mid-March, New York-based Signature had earned a reputation as a crypto-friendly bank, thanks in large part to its groundbreaking Signet real-time payments platform. With Signet, companies could process transactions outside of business hours, making it an essential tool for key crypto functions such as minting and redeeming stablecoins.
Many in the crypto industry lamented the departure of Signet—the FDIC is reportedly trying to find a separate buyer aside from its successful sale of Signature—which would mark the end of 24/7 crypto banking until a new solution emerges.
