GreenBox taps Signature Bank as the banking solution for its smart-contract token infrastructure

By Pavithra R

GreenBox, an emerging FinTech company leveraging proprietary blockchain security to build customized payment solutions has announced selecting Signature Bank, a New York-based, full-service commercial bank, as the banking solution to meet its smart-contract token infrastructure needs.

The move completes one of four necessary steps in GreenBox’s strategy to deploy its smart-contract token technology.  The firm will integrate 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.

“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,”said Joseph J. DePaolo, Signature Bank President and Chief Executive Officer.

Signature Bank, as the first FDIC-insured bank to launch a blockchain-based digital payments platform, is experienced in digital assets payment infrastructure and has the technological expertise to host the GreenBox token. Its Signet network, the first digital payment solution to be approved for use by the NYS Department of Financial Services (DFS or NYSDFS), allows for an uninterrupted settlement and payment environment, and currently hosts hundreds of digital asset-based partners. The bank also possess the ability to handle the anticipated rapid growth of the GreenBox token transactional volume.

“Signature Bank was a natural fit for GreenBox for our smart token infrastructure given the depth of their experience with a broad base of digital asset partners as well as their ability to handle significant volume growth on their Signet payments platform. We look forward to working with Signature Bank and the deployment of our smart-contract based token,” said Fredi Nisan, Chief Executive of GreenBox POS.

GreenBox token technology is designed to correct issues inherent in current cryptocurrencies architectures, both volatile and stable coin. Its 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.