Kraken's parent entity Payward has partnered with Singapore Gulf Bank to build a 24-hour, seven-day institutional crypto settlement platform targeting banks, family offices, and institutional trading firms. The partnership combines Kraken's crypto infrastructure with a licensed bank's balance sheet and payment rails, aiming to eliminate the T+1 or longer settlement gaps that create counterparty exposure in institutional crypto transactions.
For Armada's crypto-repo desk, round-the-clock bank-grade settlement infrastructure is operationally significant. Current crypto-repo settlement, even with Fireblocks custody, carries intraday exposure windows, particularly for weekend or off-hours transactions. A bank-backed 24/7 rail could reduce that window materially. Legal and operations should evaluate whether integrating or referencing the Payward-SGB model aligns with Armada's custody policy and whether Fireblocks MSA terms accommodate third-party settlement layer partnerships.