Riding the Crypto Wave

In the wake of recent banking woes in the U.S., Swiss-based Sygnum is experiencing a surge of interest from international crypto firms. This influx can be attributed to its stellar reputation and robust regulatory frameworks. As Dominic Castley, the bank’s chief marketing officer, quips, “When one door closes, another one opens—or in this case, an entire bank vault!”

The Great Crypto Exodus

With institutions like Signature Bank, Silvergate Capital, and Silicon Valley Bank facing significant collapses this March, many U.S. crypto firms are on the lookout for new banking partners. According to Castley, inquiries are pouring in from investors and asset managers keen to diversify their crypto portfolios. It’s a bit like a game of musical chairs, but this time, they want to sit with Sygnum.

Enhancing Client Support

To handle the influx of new inquiries, Sygnum is ramping up its client service support and compliance teams. This strategic move ensures that new clients can onboard swiftly while adhering to all necessary regulations. Castley stated, “We’re rolling out the red carpet—completely compliant, of course. No one likes a party crasher!”

Staying True to Their Roots

Despite the growing interest, Sygnum remains committed to its foundational policy of not onboarding U.S. clients. “We decided at inception to focus on our core markets, and that hasn’t changed,” said Castley. It seems Sygnum has chosen to be the exclusive club in a crowded marketplace—inviting some while saying no to others.

Expanding Horizons

With its sights set on the Middle East, Sygnum has recently established its hub in the Abu Dhabi Global Market, following approval from the Financial Services Regulatory Authority. This move is a testament to the bank’s ambition, as it seeks to thrive in jurisdictions favoring cryptocurrency and digital assets. As Castley put it, “We’re not just banking; we’re building bridges between financial worlds!”