Arca Labs, part of Arca – a digital assets investment firm, has revealed an agreement with Signature Bank (NASDAQ:SBNY) that enables Signature Bank clients with access to the bank’s Signet digital payment platform, to initiate purchases of shares of the Arca US Treasury Fund (ArCoin) from their Signet wallet.
Signature Bank’s Signet platform is a blockchain-based, real-time payments system. A single “Signet” within the platform is equal to one U.S. dollar. Customers of Signature Bank who have an active Signet account may soon use the platform to move U.S. dollars from their Signet account to purchase shares of the Arca US Treasury Fund.
Jerald David, president of Arca Labs, said the COVID-19 health crisis has driven more interest in digital assets and we need to keep user experience in mind to boost adoption:
“We believe that digital securities will eventually replace traditional securities because they’re flexible, secure, and transparent, and can offer increased utility. This new relationship with Signature Bank is a great example of how integrated financial services are modernizing to serve investors and the ecosystem.”
Arca states that the relationship with Signature Bank represents another major milestone in Arca Labs’ commitment to pioneering the digital securities space.
Arca has also joined forces with eight custody providers to securely hold ArCoin on behalf of subscribers. This is said to highlight Arca Lab’s mission of offering investor-grade regulated products while creating a seamless, efficient experience for digital securities.