Sygnum Seeks Crypto Banking License in Singapore

Asia Blockchain Review
September 4, 2019
Sygnum Seeks Crypto Banking License in Singapore

Sygnum, the first crypto firm to be granted a conditional banking and securities dealer license in Switzerland, will reportedly also enter the process of obtaining a banking license in Singapore in a bid to serve customers in Asia.

Swiss Firm Plans to Operate Crypto Bank in Singapore

Gerald Goh, Co-founder and Chief Strategy Officer of Sygnum, revealed that the firm’s application for the Singapore license will officially begin after Sygnum becomes a Swiss bank later in 2019.

He added that the bank will provide custodial services for Bitcoin (BTC) and Ether (ETH) and also offer conversions between the two cryptocurrencies with fiat money, such as Swiss francs, euros, Singapore dollars, and US dollars. 

According to a Cointelegraph report citing Bloomberg, receiving the Swiss banking license would enable Sygnum to introduce brokerage and tokenization services as well as digital asset custody for both institutional and retail investors.

Connecting Crypto to Real-World Uses

Sygnum Co-founder and CEO Mathias Imbach revealed that customers have approached the firm looking for services to convert cryptocurrencies to real-world uses.

“We have been approached over the past few months by many parties who hold a lot of cryptocurrencies and look for a fully regulated bank. One of their biggest challenges is to find banking specialists to connect them to the real world, to pay their taxes, their employees’ salary,” Imbach said.

Meanwhile, Sygnum has successfully raised approximately US$61 million from investors worldwide, including Singapore Telecommunications.

Source: https://cointelegraph.com


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