After Switzerland, crypto firm Sygnum now seeks banking license in Singapore

After winning a banking license in Switzerland, cryptocurrency firm Sygnum is now seeking such a license in Singapore as well.

Sygnum has initiated talks with regulators for a capital markets services license in the island nation, co-founders Mathias Imbach and Gerald Goh told Bloomberg in an interview published Wednesday. “In order for us to provide a full suite of services, we need to operate as a bank” in Singapore, Goh said.

Just earlier this week, Switzerland’s Financial Market Supervisory Authority (FINMA) granted a banking and securities dealers’ license to Sygnum. At the time, the firm also revealed plans for a license in Singapore, saying it will allow offering fund management services, including a digital asset multi-manager fund.

With FINMA's license in place, Sygnum is now transitioning to become a full bank in Switzerland this year. One becoming a Swiss bank, Sygnum will be able to issue, store, trade and manage cryptocurrencies bitcoin (BTC) and ether (ETH), and convert fiat currencies such as Swiss francs, Singapore and U.S. dollars and euros into the two cryptocurrencies, per the Bloomberg report.

Sygnum will also offer custody, brokerage and tokenization services for cryptocurrencies to qualified investors and institutions. The firm has raised about 60 million Swiss francs (~$61 million) to date, which are sufficient for the next few years, Imbach told the news source.

AUTHOR

Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

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