Switzerland’s Sygnum Bank reported a profit in first half of 2024 and revealed that it holds a record 4.5 billion Francs ($5.11 billion) in client assets.
This comes after the recent news that Sygnum and Amina (another Swiss bank) both launched a 24/7 payment settlements platform for cryptocurrencies.
Crypto-Friendly Swiss Bank’s Impressive First Half Of The Year
Sygnum saw profits for the first time in the first half of 2024, achieving triple-digit growth across key business areas.
The Zurich-based bank specialises in crypto services for institutional clients, with its latest settlements system for digital assets helping to fill the void left by crypto-friendly US banks, Silvergate and Signature going under last year.
Sygnum’s spot crypto trading DOUBLED!
Derivatives shot up 500%.
Full steam ahead for this Swiss lender!
— Dennis Jose (@91_josed) July 25, 2024
On 25 July 2024, Sygnum attributed its strong first half of the year to “strong business performance”, which saw a 500% rise in crypto derivatives trading and more than 360% increase in loan volumes.
On top of the $5.11 billion in client assets, the bank also holds $125m USD equivalent core equity capital. This comes after a capital raise earlier this year in January. The funding round resulted in a $40 million raise and was oversurscribed. Sygnum Bank is currently valued at $900 million.
It is also worth noting that Sygnum’s institutional client base is approaching 2000. The bank is serviced by an ever-growing 250-strong global team. The Swiss bank has offices in Zurich, Singapore, Luxembourg and Abu Dhabi. It holds a banking licence and has CMS and Major Payment Institution Licences in Singapore. Sygnum is also regulated in both Abu Dhabi and Luxembourg.
Sygnum’s CCO Speaks On ETFs
In its press release, Sygnum’s Chief Clients Officer, Martin Burgherr, commented on the recent Bitcoin and Ethereum ETFs.
“The approval and launch of Bitcoin and Ethereum ETFs were a watershed moment for the crypto sector this year, leading to a major increase in demand for trusted, regulated exposure to digital assets.” Burgherr said. “This is also reflected in Sygnum’s own growth, with our core business areas seeing a significant YTD increase in H1. We truly appreciate the continued trust of our clients, which provides the launch-pad for our accelerated international expansion, the development of new services and the scaling-up of our forward-looking initiatives for the crypto ecosystem.”
Yesterday saw Ethereum ETFs trading $852 million in volume, 25% less than Bitcoins $1.1 billion ETF volume.
Ethereum ETFs have traded about $852 million in value today thus far.
Bitcoin ETFs have traded about $1.1 billion.
Surprised that ETH ETFs are trading about 75% of the notional value of BTC ETFs today – higher than I expected.
— Teddy Fusaro (@teddyfuse) July 24, 2024
RELATED: Ethereum ETF Inflows Could Fuel Major Gains For This Coin as Bull Run Ramps Up
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
