GreenBox POS Selects Signature Bank as the Banking Solution for its Smart-Contract Token Infrastructure
SAN DIEGO, CA, April 14, 2021 (GLOBE NEWSWIRE) -- GreenBox (POS NASDAQ: GBOX) (“GreenBox” or “the Company”), an emerging financial technology company leveraging proprietary blockchain security to build customized payment solutions, today announced the company has selected Signature Bank (Nasdaq: SBNY), a New York-based, full-service commercial bank, as the banking solution to meet its smart-contract token infrastructure needs.
This completes one of four necessary steps in GreenBox’s strategy to deploy its smart-contract token technology. GreenBox will integrate with Signature Bank at the native level through APIs to ensure the ecosystem can operate the ledger continuously and in real-time, unimpacted by business hours or other closures.
As the first FDIC-insured bank to launch a blockchain-based digital payments platform Signature Bank is experienced in digital assets payment infrastructure and has the technological expertise to host the GreenBox token. Their Signet network, the first digital payment solution to be approved for use by the NYS Department of Financial Services, allows for an uninterrupted settlement and payment environment, and currently hosts hundreds of digital asset-based partners. Another advantage of selecting Signature Bank as the Company’s banking solution is their ability to handle the anticipated rapid growth of the GreenBox token transactional volume.
GreenBox token technology is designed to correct issues inherent in current cryptocurrencies architectures, both volatile and stable coin (such as settlement time and fees). The GreenBox programmable token, to be deployed only in the Company’s blockchain ledger payment ecosystem, provides enhanced scalability combined with secure instant settlement for transactions, coupled with the required consumer protection capabilities like transaction deletions and reversals.
“Signet continues to be the preferred payments platform throughout the digital assets space for companies like GreenBox. We are rapidly expanding our network and supporting tokenization products and services, such as GreenBox’s smart contract. We welcome GreenBox to our digital assets ecosystem, and look forward to helping the company as they grow their transaction volume,” explained Joseph J. DePaolo, Signature Bank President and Chief Executive Officer.