- The world’s first digital asset bank had previously received preliminary approval from a regulator in Singapore
- The organization noted a jump in demand for the organization’s services after the U.S. banking crisis
In mid-June, digital asset bank Sygnum reported on its license from the Monetary Authority of Singapore. The company was able to offer brokerage services in the local market, and, as the organization notes, they are in high demand.</nbsp;
The CEO and co-founder of Sygnum Singapore, Gerald Goh, said in a comment for Bloomberg.. He says the company is looking to fill a void in the market:
“Now most of the demand for our services comes from regulated fund managers, who for one reason or another want to buy or sell digital assets.”
After the collapse of three major banks in the US that had worked closely with the cryptocurrency business, a kind of vacuum emerged in the market. Financial counterparties have become much more cautious in their matchmaking, and this has led to a shortage of service providers in the digital asset sector.
But Sygnum has only benefited from this situation. As of late May, cryptocurrency deposited capital here exceeded $3 billion.
“Since the U.S. banking crisis, demand for regulated crypto-financial institutions has increased,” summarized Go.
Sygnum Singapore currently offers custodial and dealer-brokerage services. The final license will also allow the bank’s clients to trade digital assets in a fully regulated environment.
It is interesting that Goh did not mention in his interview another major Swiss bank that cooperated with the cryptocurrency business – Credit Suisse. And it was through it that the flow of funds in cryptocurrency from Russia passed.. Recall that earlier the U.S. Justice Department opened an investigation against him and U.S. UBS.