Singapore Gulf Bank (SGB) and Matrixport's Cactus Custody have announced a partnership to provide 24/7 regulated fiat and cryptocurrency custody services aimed at institutional clients.
Partnership and Goals
Singapore Gulf Bank and Matrixport's Cactus Custody have launched 24/7 regulated fiat and cryptocurrency custody services for institutional clients. The partnership integrates SGB's banking network with Cactus Custody's digital asset infrastructure. *Jireh Chua, Chief Development Officer at SGB, stated*, "By integrating with Cactus Custody, we are expanding our open-API infrastructure to serve more institutional clients worldwide, enabling safe, instant movement of fiat funds at global scale."
Impact on Financial Markets
The partnership affects institutional investors, offering enhanced financial management capabilities. It leverages SGB's licensed network and Cactus Custody's infrastructure, potentially altering the financial landscape, especially in the APAC and Middle East regions. This collaboration seeks to improve liquidity and transaction efficiency for institutions, enabling the management of multiple asset types under regulated frameworks.
Prospects and Regulation
While the impact on Total Value Locked remains unspecified, improved cross-border liquidity is anticipated. This reflects a strategic effort to bridge traditional finance and digital assets, suggesting possible reshaping of the market in institutional spheres. The partnership's regulatory framework could set a precedent for future ventures, indicating possible shifts in the technological and regulatory landscapes.
The partnership between Singapore Gulf Bank and Matrixport marks a significant step in the development of digital asset custody services, providing institutional clients with new opportunities in asset management and regulation.
