As an analyst with extensive experience in the digital asset and financial services industries, I view Sygnum’s announcement as a significant step forward for the adoption and integration of cryptocurrencies into traditional banking systems. The addition of 20 new banking partners to Sygnum’s network signifies a growing acceptance of digital assets by established financial institutions.
As a crypto investor, I’m excited to share that Sygnum, a leading international digital asset group with a strong foundation in both Switzerland and Singapore, made an important announcement today. They are expanding their network by welcoming 20 new banking partners on board. This addition will undoubtedly broaden the reach of their crypto services and significantly enhance their business operations for the better.
On June 27, I announced that through collaborations with these financial institutions, Sygnum broadens its horizons and offers more extensive cryptocurrency services to our B2B clientele.
Expanding the Partner Network
As a crypto investor, I’m excited to share that we have recently welcomed new institutional partners to our growing network. These include PostFinance, the cantonal banks of Zug and Lucerne, VZ Depotbank, PKB, SocGen Forge, Bordier, and Bison Digital Assets. Collectively, these institutions represent various sectors of the financial industry – from systemically important and cantonally-based banks, to universal, private, and retail financial institutions. Together, we look forward to driving innovation and expanding access to digital assets within the traditional financial landscape.
The bank intends to leverage Sygnum’s robust infrastructure and extensible APIs to enable crypto transactions for its clientele. Through this collaboration, customers can trade various digital assets, such as sending, receiving, and securely storing funds on a regulated platform.
“I, as an analyst, believe that cryptocurrencies present a new investment avenue and are here to stay. By collaborating with a regulated institution such as Sygnum Bank, we at PostFinance have enabled our clients to explore the digital asset class securely and conveniently around the clock.”
As a researcher studying Sygnum’s transaction processing capabilities, I can share that they handle approximately 1,000 Business-to-Business (B2B) transactions daily for their business partners. A remarkable 99% of these transactions are completed in a very brief timeframe.
With the inclusion of new financial institutions, the company intends to uphold this practice, allowing over one-third of the Swiss populace to securely invest in digital assets.
Regulatory Clarity and Expansion
Expert: The new Markets in Crypto-Asset Regulation (MiCAR) in Europe has brought about clearer regulatory guidelines, enabling Sygnum to broaden its offerings of regulated digital asset solutions throughout the European Union’s 27 member states.
As a crypto investor, I would describe it this way: The new law aims to establish a transparent regulatory structure for the utilization and development of cryptocurrencies within the European Union. It serves to safeguard consumer interests by providing guidance for service providers and ensuring legal certainty for investors. Switzerland’s crypto regulations have been instrumental in fostering the growing adoption of digital assets in the country, offering investor protection and a favorable climate for industry innovation.
Based on the information provided by the company, approximately one out of every five people in Switzerland engaged with the burgeoning digital economy last year. This percentage is the highest among European countries and over two times greater than the participation rates in the UK, Germany, and France.
Sygnum shared that under Switzerland’s regulations, they are authorized to serve as cryptocurrency custodians for banking partners, safeguarding digital assets on their behalf. They keep these assets “separately from their own balance sheet” to prevent any potential risks associated with counterparties.
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2024-06-27 18:26