Singapore Gulf Bank taps Fireblocks to bridge tradFi to DeFi

As traditional finance and crypto converge, banks are increasingly focused on integrating crypto services. Look at Singapore Gulf Bank as an example.

The firm, licensed in Bahrain, partnered with Fireblocks for custody and to expand liquidity for its crypto services.

Summary

• Singapore Gulf Bank partnered with Fireblocks to expand its crypto services
• The bank will use Fireblocks’ infrastructure for custody, fiat ramps, and stablecoin issuance
• SBG is backed by Bahrain’s sovereign wealth fund, Mumtalakat

According to Shawn Chan, CEO of Singapore Gulf Bank, the integration with Fireblocks enables the bank to offer a stable, regulated banking experience to crypto companies.

This includes exchanges, trading firms, and payment providers, who will have access to services by a licensed digital bank regulated by the Central Bank of Bahrain.

SGB’s integration: A sign of growing convergence

Backed by Bahrain’s sovereign wealth fund, Mumtalakat, and Singapore’s Whampoa Group, SGB’s integration of Fireblocks is a sign of growing convergence between tradFi and DeFi.

As a result of this integration, SGB will be able to provide custody services, automated crypto treasury operations, and stablecoin issuance.

Earlier this year, SGB launched SGB Net, a real-time, multi-currency clearing network designed specifically for digital asset firms.