As a seasoned crypto investor with a decade of experience in the digital asset market, I have witnessed the volatile nature of this industry and the importance of trust and regulation in its growth. Sygnum Bank’s recent achievement of profitability in H1 2024 is an encouraging sign for the sector, demonstrating that there are successful businesses navigating these waters.
In the first half of 2024, Sygnum Bank, a leading crypto financial institution based in Switzerland, reported earnings, marking a profitable period for the company. The bank attributes its accomplishment to enhanced trading functionalities, shrewd collaborations, and a workforce of more than 250 dedicated experts.
During the initial half of 2024, Sygnum experienced a significant surge in crypto spot trading volumes, which more than doubled. Furthermore, there was an impressive increase of 500% in crypto derivatives trading. In addition, the company’s lending business demonstrated substantial growth. The number of Lombard loan clients approached a doubling, and loan volumes expanded by over 360%.
Martin Burgherr, the Chief Client Officer at Sygnum, attributed the surge in trading activity to the US Securities and Exchange Commission’s green light for the debut of Bitcoin and Ethereum spot ETFs.
Martin Burgherr stated, “This year marked a significant turning point for the cryptocurrency industry with the endorsement and debut of Bitcoin and Ethereum ETFs. Consequently, there was a surge in interest for reliable, regulated methods of investing in digital assets.”
As a financial analyst, I would describe it this way: I analyze various investment opportunities in the cryptocurrency sector, and one of the offerings from Sygnum that catches my attention is the Sygnum Platform Winners Index ETP. This product holds a diverse basket of five leading crypto assets: Bitcoin, Ether, Solana, Cardano, and Polkadot.
As a crypto investor, I’ve noticed an increasing trend among my peers who prefer staking their Ether through the bank’s staking-as-a-service offering. Now, approximately half of the Ether held by the bank’s customers is being staked this way. Sygnum Bank highlights that the advantages of staking ETH go beyond what’s offered in the ETF structure, as staking rewards are currently not included in these investment products.
After raising $40 million in January and being valued at approximately $900 million, Sygnum aims to expand into the European market and comply with the EU’s Markets in Crypto-Assets Regulation by Q1 2025. Despite Switzerland not being an EU member, Sygnum has secured a license in Luxembourg since its launch in 2022.
In the next few months, the bank with a presence in Singapore will expand its supervised services to cover Hong Kong and other parts of the Asia-Pacific area.
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2024-07-25 08:52