Two Swiss banks launch a new real-time payment and settlement network to fill the gap in the cryptocurrency payment market

ChainCatcher news, according to Bloomberg, European participants are working to revive the around-the-clock payment market for digital assets about a year and a half after the collapse of cryptocurrency-friendly banks in the United States. In recent weeks, two Swiss banks— AMINA Bank AG and Sygnum Bank AG —have launched real-time payment and settlement networks.

They are targeting the market gap left by the Silvergate Exchange Network (SEN) and Signature Bank's Signet platform, both of which played a key role in bringing liquidity to the cryptocurrency market before their collapse in March 2023.

According to company documents, in the quarter before their closure, SEN facilitated $117 billion in dollar transfers, while Signet processed $275.5 billion. For over a year, cryptocurrency players have been searching for alternatives. The AMINA payment network went live in June, followed by Sygnum Connect in July. These products offer a 24/7 network for instant trading of fiat currencies and crypto assets, with transfers between network members at no cost.