The leading cryptocurrency bank in Switzerland, Sygnum, is preparing to finally launch its new digital asset trading services after receiving regulatory approval.
Recently, Sygnum announced that it received regulatory approval from the FMSA [Financial Market Supervisory Authority], permitting the company to expand its services to a digital asset trading facility.
The new approval permits Sygnum to “cover the entire life-cycle of security,” ranging from services like primary issuance, settlement and custody to secondary trading.
As a part of Sygnum’s new capabilities, users now have access to instant settlement via the Sygnum-issued stablecoin Digital Swiss franc [DCHF].
After the news of regulatory approval, Sygnum also revealed its plans to line up two new entities in Switzerland. The new units will focus on promoting Sygnum’s blockchain expertise & launching new products and services developed by Sygnum’s regulated branch operational within Singapore.
Headquartered in Zurich, Sygnum has claimed to be the primary Swiss-based firm to win the title of cryptocurrency bank. The bank has been aggressively expanding its services; after obtaining a Swiss banking license earlier in the month of August last year, Sygnum was also licensed by the Monetary Authority of Singapore the subsequent month.
Alongside offering custody for digital assets like Bitcoin [BTC], Sygnum is known as the primary issuer of the digital franc. Later in August, Switzerland’s largest online retailer, Galaxus, implemented Sygnum’s DCHF stablecoin in an e-commerce payment trial.