U.S. commercial bank Signature will start to offer a full range of banking services to licensed fintech companies in Bermuda, including those in the digital asset industry. The bank has reached an agreement with the government to provide the service, moving in to fill the gap left by local banks, which have been reluctant to deal with the island nation’s growing fintech community.
Also read: Auction of Seized Bitcoin Draws Interest From 110 Countries
‘Signature Vote of Confidence for Bermuda’
“Signature Bank’s willingness to consider Bermuda-licensed businesses for banking services is a significant vote of confidence in and endorsement of Bermuda’s efforts to create a leading high standard regulatory regime for fintech business,” Bermudian premier David Burt said in statement on Feb. 28.
The island’s legal clarity on cryptocurrency and other disruptive financial technologies has made it a choice destination for tech businesses. Signature Bank’s entrance introduces banking…