Sygnum Singapore – a subsidiary of Swiss bank Sygnum – has received approval in principle from the country’s main financial regulator to conduct three additional businesses. These include providing corporate finance advisory services, trading capital market products and offering custodial services.
Sygnum to open more opportunities
After gaining full approval from the Monetary Authority of Singapore, the digital asset bank will be able to leverage its existing tokenization and funding options to offer asset managers and Web3 participants additional solutions.
First, Sygnum Singapore will provide advisory services to companies seeking to raise capital. It will also offer technical expertise to tokenize capital market products and cryptocurrencies.
Second, the company will provide access to a broader base of Singapore-based institutional investors who are looking for investment options and fully regulated digital assets.
Third, Sygnum will provide custody services for assets and security tokens.
These features will join others offered by the company, which began offering investors exposure to the cryptocurrency universe in 2019 through its mix of asset management products.
Sygnum also operates a tokenization platform, where asset owners could issue non-fungible tokens representing various traditional objects. Some of the examples include a Picasso painting and a CryptoPunk NFT.
Gerald Goh – Co-founder and CEO of Sygnum Singapore – hailed the Asian city-state as a “welcoming destination for trusted financial institutions” looking to dive into the digital asset ecosystem. According to him, the three additional services will allow his organization to connect more deeply with crypto and Web3 readers.
Mathias Imbach, CEO of Sygnum Bank, also spoke on the subject:
“Expanding our offerings to the Singapore market will provide investors with access to a team of blockchain, legal and asset management experts, and a trusted platform with operational experience, to invest into the latest Web3 opportunities with confidence and peace of mind.”
Recent Sygnum Developments
Last summer, the first digital asset bank allowed customers to use its institutional-grade banking platform to stake ETH for Ethereum 2.0 from their existing wallets. Sygnum explained that staking services are fully integrated into its platform, highlighting increased security.
Earlier this year, the company closed a $90 million funding round led by Sun Hung Kai & Co. – a leading Hong Kong-based investment entity. As a result, Sygnum’s valuation reached $800 million.
Mathias Imbach described the round as a “key step” in the company’s global expansion. He also predicted that the field of digital assets will become increasingly attractive to investors in the coming years.
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