Leading digital asset bank, Sygnum is set to begin digital asset trading after it gained a go-ahead order from Switzerland’s independent financial-markets regulator, FINMA. In addition to expanding its services, the bank further disclosed its plans to develop new entities in the country that will mostly focus on blockchain.
Sygnum to debut digital asset trading
On Tuesday, the Swiss cryptocurrency bank disclosed that it gained regulatory approval from the country financial regulator FINMA or Financial Market Supervisory Authority for its digital asset trading facility (OTF). The approval will allow the bank to provide more digital assets services including end-to-end tokenization offering.
Most importantly, the bank can now cover the complete life-cycle of Securities, right from the primary stage of issuance, settlement, and custody. By kick-starting the digital asset trading facility, the bank can also support the secondary trading of Securities. Using its stablecoin Digital Swiss franc (DCHF), users can also access to instant settlement.
While commenting on the importance of trading venues, the co-founder of Sygnum, Mathias Imbach, said:
“Without regulated secondary trading venues with relevant liquidity, tokenization will not take off. Much more collaboration between digital asset specialists such as Sygnum and established exchanges and banks, as well as M&A related service providers along the value chain, is needed.”
First Swiss crypto bank
Besides gaining regulatory approval to offer digital asset trading, the bank also revealed its plan of expansion, saying it will establish two entities in the country to focus on its blockchain expertise. Noteworthily, the bank has been growing its services after it gained the country’s banking license last year.
The bank is popularly known for issuing the first digital franc. It is also known for offering custody services for crypto assets like Bitcoin.
Source: Ibiam Wayas . “Swiss crypto bank to begin digital asset trading after bagging regulatory approval.” Cryptopolitan, https://www.cryptopolitan.com/swiss-crypto-bank-tdigital-asset-trading/ .