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Crypto Demand Powers Sygnum's Singapore Brokerage Expansion

Surge In Crypto Demand Powers Sygnum’s Singapore Brokerage Expansion

Samuel Edyme
by Samuel Edyme
2 years ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

As crypto continues to break boundaries in the global financial scene, demand for crypto transactions is growing steadily among various institutions. Sygnum AG, a significant player in the digital asset sphere, is capitalizing on this trend, anticipating an upsurge in its new brokerage business based in Singapore.

Sygnum AG operates a digital-asset bank in Switzerland and provides asset management in Singapore with recent preliminary approval from the Monetary Authority of Singapore (MAS) to offer digital token brokerage services.

Given this, Sygnum is well-positioned to leverage the increasing demand for regulated crypto trading platforms, according to Gerald Goh, the co-founder, and CEO of Sygnum Singapore.

Exploring The Demand For Crypto

Goh points out during an interview that a significant portion of their demand stems from web3 or crypto fund managers. “A lot of our demand right now is coming from web3 or crypto fund managers who as part of their regulated fund management activities, have a business reason to be buying or selling digital assets, including cryptocurrencies,” the co-founder said.

Related Reading: The “Big Scandal” Behind Pro-Crypto Signature Bank Shutdown By Regulators

Notably, the options for banking among crypto firms have taken a hit following the collapse of Silvergate Capital and Signature Bank in the US earlier this year. This development has led to traditional lenders growing cautious about servicing customers associated with the often volatile digital asset industry.

Despite this challenge, Sygnum’s Swiss bank saw an uptick in client interest following the failures of the US banks.

Sygnum’s Strategy And Services

Sygnum reached an all-time high in client assets at the end of May, exceeding 3 billion Swiss francs ($3.3 billion). This figure includes both deposits of digital tokens and traditional fiat money. Goh attributed this rise to an increased demand for regulated crypto financial institutions after the US banking crisis.

With the Singapore license, Sygnum aims to extend its services to these potential clients, offering crypto custody and broker-dealer services. Goh also explained that their brokerage would aggregate bid-offer quotes from their clients, facilitated through the Swiss bank.

The final license in Singapore will grant Sygnum customers the capacity to trade, send, and receive crypto and fiat money. However, it will not include on and off-ramping services, which refers to the conversion between fiat money and cryptocurrencies.

For such operations, the Singapore entity’s brokerage business will rely on the Sygnum Bank in Switzerland as the counterparty. 

As Sygnum progresses in expanding its brokerage business in Singapore, it’s evident that the crypto landscape continues to evolve. With growing demand and regulatory acceptance, cryptocurrency is becoming an integral part of global finance.

Related Reading: Singapore MAS Proposes Protocol For Digital Money Use, Partners With Amazon For Trials

This trend signifies the importance for institutions, businesses, and individuals to understand and adapt to these changes.

The crypto market has experienced quite a recovery in the past week reclaiming its value back above $1.2 trillion. However, over the last 24 hours, the global crypto market has seen a 1.3% loss following larger crypto assets such as Bitcoin (BTC) and Ethereum (ETH) plummet of 1.3% and 1.7% respectively.

The global crypto market cap value on TradingView
The global cryptocurrency market cap value on the 1-day chart. Source: Crypto TOTAL Market Cap on TradingView.com

Featured image from Unsplash, Chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Samuel Edyme

Samuel Edyme

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Edyme is a writer, a content writer that specialises in writing about the crypto realm. Asides Bitcoinist and NewsBTC, Edyme's writing has been featured in top sites such as Blockchain.News, CoinMonk, Blockchain Reporter, Bitcoin Insider among others.

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