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Crypto Bank Sygnum Plans EU and Asia Expansion Following Profitable First Half of 2024

25 July 2024
in Business, News
Reading Time: 3 mins read
104 6
Home Business

Swiss digital asset bank Sygnum has revealed plans for expansion in the European Union and Asia following a profitable first half of 2024.

The bank reported significant growth across its services, with crypto derivatives trading surging 500% and spot trading volumes seeing a two-fold rise compared to the same period in 2023.

The bank’s Thursday press release revealed a 360% increase in loan volumes and over 1,000 daily trades. Martin Burgherr, Sygnum’s Chief Clients Officer, attributed this growth to the recent approval of Bitcoin and Ethereum ETFs, calling it a “watershed moment” for the crypto sector in 2024.

Burgherr also noted that the firm’s core business areas have seen a substantial year-to-date increase in the first half of the year.

Notably, Ethereum staking among Sygnum’s clients reached 42%, surpassing the global average by 15%. This trend is particularly relevant given the evolving landscape of Ethereum-related ETF products.

The bank also reported that it onboarded over 20 banks, including SocGen and PostFinance, to its bank-to-bank (B2B) network. It claimed that this move enables it facilitate regulated crypto services for approximately one-third of the Swiss population. 

The bank noted that its expansion into the European market would come in the first quarter of 2025, in line with the forthcoming Markets in Crypto-Assets Regulation (MiCA). Sygnum’s expansion will include new offices and licences in the 30 countries comprising the European Union and European Economic Area.

In Asia, Sygnum aims to establish a presence in emerging markets through its regulated crypto services platform in Singapore. The bank also noted that it is in advanced stages of planning for regulated operations in Hong Kong. Notably, the bank has already set up operations in Abu Dhabi as part of its efforts to the regional market.  

Meanwahile, Sygnum recently partnered with Chainlink and Fidelity International to bring net asset value (NAV) data on-chain. This partnership is particularly useful for Sygnum as it enables its clients—and broader market participants—to quickly access historical data on these assets.

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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Jewel Buddy

Jewel Buddy

Buddy Jewel is a finance writer specializing in cryptocurrency news. With a keen eye on the latest developments in the digital asset space, I provides insightful and timely updates on the ever-evolving world of crypto.

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