Kraken operator Payward and Singapore Gulf Bank partner for 24/7 institutional crypto settlement
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Summary
Payward, the parent company of crypto exchange Kraken, has partnered with Singapore Gulf Bank (SGB) to enable 24/7 fiat currency settlement for select institutional clients. This integration uses SGB's real-time clearing network, SGB Net, to allow U.S. dollar transactions from eligible Asian and Gulf jurisdictions around the clock. The service aims to address the traditional banking hours mismatch with nonstop crypto trading by making deposited funds immediately accessible.
Why it matters
The partnership solves a key problem in crypto markets where trading is continuous but fiat settlements are restricted by bank operating hours, causing delays in funding and settlement. By enabling instant access to deposited funds at any time, institutional clients can trade and settle without waiting for the next banking day, thus improving liquidity and operational efficiency.
Key context
Cryptocurrency markets operate 24/7, but typical banking systems have cut-off times and multi-day settlement processes. SGB Net, launched in 2025, processes over $20 billion in fiat transactions monthly and operates in real time. Payward is expanding its role beyond Kraken's exchange platform into integrating trading, custody, payments, and banking infrastructure, following interest from other financial institutions like BNY.
Key numbers and entities
Payward (parent company of Kraken), Singapore Gulf Bank (SGB), SGB Net network processing $20 billion monthly. The service currently supports U.S. dollar transactions for select institutional clients in Asian and Gulf regions. Mark Greenberg is Payward’s chief commercial officer. No specific client count or transaction volumes were disclosed.
What remains unclear
The source does not specify the exact number of clients initially involved, the volume of transactions expected or processed, the timeline for adding more currencies and clients, or detailed terms of the partnership beyond the integration of settlement services.