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Swiss digital assets bank goes with the name Sygnum and has been operating in Switzerland and Singapore
- Digital assets management service provider bank Sygnum up to expand its area of operations.
- Currently it operates under banking license and capital market license in the region
On 8th March, Sygnum Bank secured approval to expand its services in Singapore. Announcement about the support from the Monetary Authority of Singapore by the Swiss digital bank itself. Sygnum is already operating in Singapore and Switzerland.
In Switzerland, the bank operated under the banking license, while in Singapore, it held the capital market license. Under the Capital market license, Sygnum offers digital asset investments related to funding management. New approvals would make it able to provide additional services in the region.
Co-founder and Group CEO Mathia Imbach said that today a lot of professional investors face some regulatory, technological and portfolio challenges when they plan to build exposure to cryptocurrencies and digital assets; in broader terms, it includes NFTs and the emerging space of metaverse.
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Expansion of services will include the bank offering corporate finance advisory services to raise capital to those companies that are looking for it. These services include providing technical expertise in order to tokenize the capital markets, products and digital assets. More than that, legal advice related to digital assets capital structuring will also be offered by Sygnum.
Additionally, Sygnum will also be providing authorized, and institutional investors access to investment opportunities that are fully regulated into digital assets and tokenizing products of capital markets. After the approvals, Sygnum will also offer security tokens and custodial asset services.
About these service offerings by Sygnum, CEO and co-founder Gerald Goh said that the three additional activities that the bank will offer enable them to provide a fully regulated platform for asset managers and Web 3 players of Singapore. So that they can get help in raising capital and attract a broad investor base getting leverage of blockchain technology.
Sygnum Bank is already operating in the region and is well known for its tokenization platform in Switzerland. The platform allows clients and users to issue tokens that represent partial ownership of digital assets. Additionally, they get traditional securities recorded on a blockchain.
The bank has also gained popularity for tokenizing the original painting of Picasso Fillette au béretn in July 2021. The digital painting was then priced at $4 million and even available for partial ownership for 4000 tokens.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
