Payward, the company behind crypto exchange Kraken, and Singapore Gulf Bank are teaming up to launch a digital assets settlement service for institutional clients. The platform will operate around the clock, providing U.S. dollar settlement 24/7. It's initially aimed at a select group of institutional clients across Asia and the Gulf region.
Why round-the-clock settlement matters
Traditional banking rails close on nights and weekends, which has long been a headache for crypto trading desks that run 24/7. The new service aims to close that gap by letting institutions settle digital asset trades in USD at any hour. That could reduce the friction of holding large cash buffers over weekends or holidays, and it might make it easier to move in and out of positions without waiting for a bank to open.
For Kraken, the move is a push further into institutional infrastructure. Payward has spent years building out its custody and prime brokerage offerings, and a settlement layer is a natural extension. Singapore Gulf Bank brings the banking license and local relationships in the Gulf, where demand for crypto services has been growing.
A targeted rollout, not a global free-for-all
The service won't be available to everyone right away. Payward and Singapore Gulf Bank are starting with a handpicked group of institutional clients in Asia and the Gulf. That's a deliberate choice. Institutional settlement involves hefty compliance checks, and running a 24/7 operation requires staffing and tech that take time to scale. By keeping the initial cohort small, the two firms can iron out kinks before opening the doors wider.
It also signals where the partners see the most immediate demand. Asia has a dense concentration of crypto trading firms, funds, and market makers. The Gulf, meanwhile, has been courting digital asset businesses with friendlier regulation and state-backed investment. Putting the first clients in those two regions makes sense.
What institutions get
The core selling point is U.S. dollar settlement around the clock. For a trading desk, that means it can settle trades in USD without waiting for a traditional bank's wire cutoff. It also means fewer idle balances sitting in accounts just in case a trade needs to clear after hours. In theory, that frees up capital and reduces counterparty risk.
The service is built for institutions, not retail traders. That distinction matters. Retail users won't see any change to their Kraken experience. This is about the plumbing that sits behind large trades, not the app on your phone.
The competitive landscape
Several crypto-native firms have been racing to build out institutional settlement and custody services. The pitch is always the same: crypto never sleeps, so why should its banking? But delivering on that promise requires more than a slick interface. It needs banking partners willing to handle digital asset flows, and regulators who won't balk at the idea of instant USD settlement.
By pairing with a bank in Singapore, Payward gets a regulated partner in a key Asian hub. Singapore Gulf Bank gets a crypto-native technology stack and a client base that's already active in digital assets. It's a mutually beneficial arrangement, at least on paper.
What to watch
The immediate question is how quickly the service expands beyond the initial group. Payward and Singapore Gulf Bank haven't said when they'll open it up to more clients or whether they'll add other currencies. For now, the focus is on getting the first cohort live and proving the model works. If it does, expect more banks and exchanges to follow with similar offerings. The race for 24/7 institutional settlement is on, and this partnership is the latest entrant.
