Ethereum

Bank

2024

United

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/sygnum-bank-reports-profit-after-significant-increase-in-crypto-trading-volumes/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Sygnum Bank Reports Profit After Significant Increase in Crypto Trading Volumes</a><br></p>
<p style="text-align: justify">Sygnum Bank, a Switzerland-based crypto bank managing $4.5 billion in client assets, reported profitability in the first half of 2024 following a significant increase in crypto trading volumes. According to a statement from Sygnum on July 25, there was a notable increase in crypto spot trading volumes, doubling compared to the same period last year, and a 500% increase in crypto derivatives trading. Additionally, the bank recorded a 360% increase in loan volumes.</p>
<h2 style="text-align: justify" id="what-contributed-to-the-growth">What Contributed to the Growth?</h2>
<p style="text-align: justify">Sygnum’s Chief Client Officer Martin Burgherr attributed this growth to the recent approval of Bitcoin ETFs and Ethereum ETFs in the United States. Burgherr described the launch of these ETFs as a significant moment for the crypto sector, leading to an increase in demand for cryptocurrencies.</p>
<p><img fetchpriority="high" decoding="async" class="wp-image-373670 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/07/bitcoin-2-1.jpg" alt="" width="740" height="415"></p>
<p style="text-align: justify">Sygnum offers various exchange-traded products related to crypto, including the Sygnum Platform Winners Index ETP, which includes major cryptocurrencies like Bitcoin, Ethereum, <a href="https://en.coin-turk.com/zhu-su-predicts-solanas-price-could-reach-1000/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Solana</a>, Cardano, and Polkadot. The bank also saw an increase in customers staking their Ethereum through its staking-as-a-service offering, representing 42% of all Ethereum currently held by Sygnum clients. Staking ETH for institutional clients provides benefits beyond the limitations of the ETF framework, which currently excludes staking yields.</p>
<h2 style="text-align: justify" id="what-are-sygnum-s-goals">What Are Sygnum’s Goals?</h2>
<p style="text-align: justify">Sygnum aims to fully comply with the European Union’s Markets in Crypto-Assets (MiCA) regulation by the first quarter of 2025, planning to expand further into the European market. Although Switzerland is not part of the EU and thus not bound by MiCA, Sygnum has been licensed in Luxembourg, an EU member state, since its launch in 2022.</p>
<p style="text-align: justify">In addition to its European expansion, Sygnum has established partnerships with more than 20 business-to-business banks and <a href="https://finance.coin-turk.com/" data-wpel-link="exclude" rel="noopener noreferrer nofollow">financial</a> institutions. These partnerships enable over one-third of Switzerland’s population to trade cryptocurrencies through their primary banks. The bank’s corporate and professional investor client base is approaching 2,000.</p>
<p style="text-align: justify">Sygnum also has an office in Singapore and plans to expand its regulated offerings to the Asia-Pacific region, including Hong Kong, <a href="https://newslinker.co/what-are-the-future-technologies/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">in the near future</a>.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/sygnum-bank-reports-profit-after-significant-increase-in-crypto-trading-volumes/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Sygnum Bank Reports Profit After Significant Increase in Crypto Trading Volumes</a></h5>

Sygnum Bank Reports Profit After Significant Increase in Crypto Trading Volumes

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