Sygnum’s Groundbreaking Steps into Digital Asset Trading in Switzerland

Regulatory Green Light for Sygnum

On September 1, 2023, Sygnum, a prominent cryptocurrency bank based in Switzerland, announced a milestone event: it received regulatory approval from the Financial Market Supervisory Authority (FINMA) to broaden its offerings to include a digital asset trading facility. This is akin to getting the golden ticket to Willy Wonka’s chocolate factory, but for cryptocurrencies!

The Complete Lifecycle of Digital Securities

With this new approval, Sygnum can now manage the complete lifecycle of a digital security. This means they won’t just be deflating their way through primary issuance, settlement, and custody; they’re diving headfirst into secondary trading too! It’s like starting a band and realizing you have the skills to go on a world tour.

Sygnum’s Special Sauce: Instant Settlements with DCHF

But wait, there’s more! As part of their enhanced services, users can now access instant settlement using Sygnum’s very own stablecoin, the Digital Swiss franc (DCHF). Imagine placing an online order and having it delivered instantly while your payment processes before you can say ‘blockchain’—that’s the dream, right?

New Ventures Await

Moreover, to capitalize on this regulatory win, Sygnum is setting up two new entities in Switzerland. These units are set to spotlight Sygnum’s blockchain expertise and to introduce fresh products and services inspired by their regulated branch in Singapore. Talk about a multi-city empire in the making!

Establishing Dominance in the Crypto Landscape

Since its inception, Sygnum has been on a roll. Claiming the title of being Switzerland’s first cryptocurrency bank, they’ve swiftly expanded their service horizons. Back in August 2019, they snagged a Swiss banking license, and a month later, they were licensed by the Monetary Authority of Singapore. You could say they’re collecting licenses like Pokémon cards, but with much higher stakes!

Partnerships and Innovations

To top it all off, Sygnum is not just about wild ambitions; they’re making real-world impacts too. In late August, Switzerland’s largest online retailer, Galaxus, began using Sygnum’s DCHF stablecoin in an e-commerce payment trial. This partnership is setting the stage for what could become a new norm in digital payments. Who knew that shopping could become even cooler?

Conclusion

As Sygnum rolls out its digital asset trading capabilities, it paves the way for a more integrated and seamless experience in the realm of cryptocurrencies. The market is watching keenly as they redefine what’s possible within this innovative financial landscape.