Sygnum Crypto Bank, a Swiss digital assets banking group, has just added 20 new banking partners to act as crypto custodians for them.
With origins in both Switzerland and Singapore, Sygnum is a global digital assets firm. Today, the company announced the acquisition of 20 new financial partners to expand access to cryptocurrency services and improve business operations.
In a June 27 release, the company stated that Sygnum is extending its reach and offering its business-to-business (B2B) clients more complete crypto solutions through its partnership with these lenders.
Developing the Partnership
PostFinance, the cantonal banks of Zug and Lucerne, VZ Depotbank, PKB, SocGen Forge, Bordier, and Bison Digital Assets are among the new partners. These organizations cover the whole financial sector, from universal, private, and retail financial institutions to systemically significant and cantonal banks.
The bank intends to enable cryptocurrency transactions for its clients by leveraging Sygnum’s scalable APIs and secure infrastructure. On a regulated platform, their users can exchange digital assets and transmit, receive and store money.
“Cryptocurrencies are here to stay and provide an extra avenue for investment. Alexander Thoma, a senior executive at PostFinance, one of the new banking partners, stated, “Partnering with a regulated partner like Signum Bank has enabled our customers to access digital assets through their primary bank securely and conveniently, 24/7.”
Sygnum handles up to 1,000 B2B transactions for its partners daily, with 99% of those transactions being finished in a “very short period of time.”
With the addition of the new lenders, the business intends to carry on this legacy and make it possible for over “a third of the Swiss population to own digital assets with complete confidence.”
Clarity and Growth in Regulation
According to Sygnum, the new Markets in Crypto-Asset Regulation (MiCAR) has improved regulatory clarity in Europe, making it easier for regulated digital asset solutions to spread among the 27 member states of the European Union.
The regulation was introduced to protect consumer interests by guiding service providers throughout the European Union and establishing a clear regulatory framework for the usage and deployment of cryptocurrency. Sygnum also pointed out that Switzerland’s crypto laws have aided in the growing use of digital assets there. The rules offer investment protection, legal clarity, and an atmosphere encouraging industry innovation.
The business claims that 21% of Swiss citizens engaged with the developing digital economy the previous year. This number is more than twice as high as the rates in the UK, Germany, and France and is the highest in Europe.
According to Sygnum, it is legal in Switzerland to manage cryptocurrency assets for partner banks’ clients as a custodian on their behalf. According to the company, it keeps these assets “off-balance sheet” to reduce the possibility of counterparty problems.
