- Earlier, the world’s first bank of digital assets received preliminary approval from the regulator in Singapore.
- The organization noted a jump in demand for the services of the organization after the banking crisis in the United States
In mid-June, digital asset bank Sygnum reported on the issuance of a license from the Monetary Authority of Singapore. The company got the opportunity to offer brokerage services in the local market, and, as noted by the organization, they are in high demand.
About this in a comment for Bloomberg Gerald Guo, CEO and co-founder of Sygnum Singapore, said. According to him, the company seeks to fill a free niche in the market:
“Now most of the demand for our services comes from regulated fund managers who, for one reason or another, want to buy or sell digital assets.”
After the collapse of three large banks in the US, which worked closely with the cryptocurrency business, a kind of vacuum appeared in the market. Financial counterparties have become much more careful in choosing partners, and this has led to a shortage of service providers in the digital asset sector.
But Sygnum only benefited from this situation. As of the end of May, the amount of deposited capital in cryptocurrency here exceeded $3 billion.
“After the banking crisis in the US, the demand for regulated crypto financial institutions has grown” – summed up Go.
Sygnum Singapore currently offers custodial and dealer-broker services. Obtaining a definitive license will allow the bank’s clients to also trade digital assets in a fully regulated environment.
Interestingly, in the interview, Go did not mention another major Swiss bank that collaborated with the cryptocurrency business – Credit Suisse. But it was through him that the flow of funds in cryptocurrency from the Russian Federation passed. Recall that earlier the US Department of Justice launched an investigation against him and the American UBS.