GreenBox POS Selects Signature Bank as the Banking Solution for its Smart-Contract Token Infrastructure
SAN DIEGO, CA, April 14, 2021 (GLOBE NEWSWIRE) -- GreenBox (POS NASDAQ: GBOX) (“GreenBox” or “the Company”), an emerging financial technology company leveraging proprietary blockchain security to build customized payment solutions, today announced the company has selected Signature Bank (Nasdaq: SBNY), a New York-based, full-service commercial bank, as the banking solution to meet its smart-contract token infrastructure needs.
This completes one of four necessary steps in GreenBox’s strategy to deploy its smart-contract token technology. GreenBox will integrate with 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.
As the first FDIC-insured bank to launch a blockchain-based digital payments platform Signature Bank is experienced in digital assets payment infrastructure and has the technological expertise to host the GreenBox token. Their Signet™ network, the first digital payment solution to be approved for use by the NYS Department of Financial Services, allows for an uninterrupted settlement and payment environment, and currently hosts hundreds of digital asset-based partners. Another advantage of selecting Signature Bank as the Company’s banking solution is their ability to handle the anticipated rapid growth of the GreenBox token transactional volume.
GreenBox token technology is designed to correct issues inherent in current cryptocurrencies architectures, both volatile and stable coin (such as settlement time and fees). The GreenBox 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.
“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,” explained Joseph J. DePaolo, Signature Bank President and Chief Executive Officer.
“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.
About GreenBox POS
GreenBox POS (NASDAQ: GBOX) is an emerging financial technology company leveraging proprietary blockchain security to build customized payment solutions. The Company's applications enable an end-to-end suite of turnkey financial products, reducing fraud and improving the efficiency of handling large-scale commercial processing volumes for its merchant clients globally. For more information, please visit the Company's website at www.greenboxpos.com.
About Signature Bank
Signature Bank (Nasdaq: SBNY), member FDIC, is a New York-based, full-service commercial bank with 37 private client offices throughout the metropolitan New York area, as well as those in Connecticut, California and North Carolina. Through its single-point-of-contact approach, the Bank’s private client banking teams primarily serve the needs of privately owned businesses, their owners and senior managers.
The Bank has two wholly owned subsidiaries: Signature Financial, LLC, provides equipment finance and leasing; and, Signature Securities Group Corporation, a licensed broker-dealer, investment adviser and member FINRA/SIPC, offers investment, brokerage, asset management and insurance products and services.
Since commencing operations in May 2001, Signature Bank reached $73.9 billion in assets as of December 31, 2020. With $63.3 billion in deposits at year-end 2020, Signature Bank placed 22nd on S&P Global’s list of the largest banks in the U.S., based on deposits.
Signature Bank was the first FDIC-insured bank to launch a blockchain-based digital payments platform. Signet™ allows commercial clients to make real-time payments in U.S. dollars, 24/7/365 and was also the first solution to be approved for use by the NYS Department of Financial Services.
For more information, please visit https://www.signatureny.com.
Forward-Looking Statements Disclaimer
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set out in the Company's SEC filings. These risks and uncertainties could cause the Company's actual results to differ materially from those indicated in the forward-looking statements.
Investor Relations Contact
Mark Schwalenberg
MZ Group - MZ North America
312-261-6430
GBOX@mzgroup.us
www.mzgroup.us
