Sygnum – The First Bank in Switzerland Approved For Digital Asset Trading

The Financial Market Supervisory Authority has licensed Sygnum – the first bank in Switzerland specializing in cryptocurrency to expand its services to a means of digital asset trading.

The announcement was made on September 1, and the bank is also preparing to introduce this new type of service to the public.

Being legalized will enable Sygnum to put the digital asset into a security process that starts with services like major issuance, settlement and custody, and up to secondary trading.

One of the new services that bring new experiences and benefits is that users can use stablecoin – Swiss Franc cryptocurrency (DCHF) in transactions and payments issued by Sygnum.

With the news of regulatory approval, Sygnum also revealed plans to set up two new entities in Switzerland. The new entities will focus on advancing the bank’s blockchain expertise as well as launching new products and services developed by Sygnum’s Singapore-based subsidiary.

Sygnum – The first bank in Switzerland to be licensed as a “digital asset exchange facility”.

Headquartered in Zurich, Sygnum claims to be the first Swiss company to win the title of a cryptocurrency bank. The Bank has been actively expanding its services; After obtaining a Swiss banking license in August 2019, the bank was also licensed by the Monetary Authority of Singapore the following month.

Alongside providing custody for digital assets like Bitcoin (BTC), Sygnum is known to be the first issuer of the digital franc. In late August, Switzerland’s largest online retailer, Galaxus, deployed Sygnum’s DCHF stablecoin in an e-commerce payment experiment.