According to Odaily, approximately a year and a half after the collapse of crypto-friendly banks in the United States, European banks are making strides to rejuvenate the 24/7 payment market for digital assets. In recent weeks, two Swiss banks, AMINA Bank AG and Sygnum Bank AG, have launched real-time payment and settlement networks. Their objective is to fill the void left by the Silvergate Exchange Network (SEN) and Signature Bank's Signet platform, both of which played crucial roles in providing liquidity to the crypto market before their collapse in March 2023.
Company documents reveal that in the quarter preceding their shutdown, SEN processed $117 billion in transfers, while Signet handled $275.5 billion. The introduction of these new networks by AMINA Bank AG and Sygnum Bank AG aims to restore the seamless liquidity and continuous transaction capabilities that were lost with the closure of SEN and Signet. This move is seen as a significant step towards stabilizing and advancing the digital asset ecosystem in Europe.
