Former Head of Digital Assets at Signature Bank Joins Fortress Trust
Joseph Seibert, formerly head of digital assets at Signature Bank, has joined Fortress Trust along with four members of his Signet payments team. Fortress Trust is a Nevada-based chartered trust company focused on cryptocurrency and Web3. Seibert is now managing director of the Fortress digital assets business and is working with part of the Signature Bank risk and compliance team and crypto payments specialists to help exchanges, over-the-counter (OTC) desks, and others in the industry solve their post-Signature/Silvergate fiat settlement at Fortress.
Background on Signature Bank and Signet
Signature Bank was shut down in March after depositors withdrew large sums of money following the collapse of Silicon Valley Bank (SVB). The popular Signet real-time payments platform, which Seibert oversaw, was launched in early 2019 and later integrated with digital asset custodian Fireblocks in 2020.
Seibert’s Plans for Fortress Trust
Seibert intends to add more people from Signature’s operations team and some salespeople in due course. He is working with the risk and compliance team as well as a blockchain payments guru to help solve post-Signature/Silvergate fiat settlement issues in the industry. He told CoinDesk, “Myself and four members of my digital assets team at Signature Bank are happy to announce we have found a new home at Fortress Trust.”
About Fortress Trust
Fortress Trust is a regulated trust company with 22 money transmitter licenses. It was formed by Scott Purcell, who previously oversaw digital asset innovation at Nevada-based Prime Trust.
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