Sygnum Launches DeFi Custody, Trading
- The Swiss bank launched a full suite of services for leading DeFi tokens, including 1INCH, UNI, MKR, and AAVE.
- Sygnum users will be able to invest directly in these tokens, while yield-aggregating products are set to come later.
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According to a press release published on 15 June, Sygnum has launched regulated banking services for leading DeFi tokens, including Aave (AAVE), Aragon (ANT), Curve (CRV), Maker (MKR), Synthetix (SNX), Uniswap (UNI), and 1inch Network (1INCH). Aside from the seven new DeFi tokens, the bank has also added support for Circle’s USDC stablecoin.
The first phase will enable Sygnum clients to invest directly in these tokens and access a full suite of banking services, including institutional-grade custody, transfer, and trading services. In the following phases, Sygnum will offer a suite of yield-aggregating products and services, as well as an asset management offering. Sygnum’s clients will also be able to receive custom solutions, which the bank will develop with selected DeFi partners.
Thomas Eichenberger, the Head of Business Units at Sygnum Bank, said that the innovations in the DeFi space have the potential to transform many of the existing traditional use cases in the financial industry and create new digital asset products.
“As Sygnum is a genuine trendsetter of the modern banking world, we believe this partnership will bring great value for both counterparts,” said Sergej Kunz, the co-founder of 1inch Network. “For its private qualified and institutional clients, Sygnum becomes a convenient gateway to the enormous DeFi market with lots of new opportunities.”
- Decentralized finance (DeFi) has become one of the hottest trends in the crypto world as it’s more transparent and decentralized than traditional finance.
- Here are our top picks of DeFi projects that have a good potential growth, and some of the protocols that did not made the list, such as RING Financial.
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- 2022 is on the verge of becoming the largest year for crypto crime ever, with close to $3 billion being stolen so far.
- The majority of the hackers focused on cross-chain bridges and decentralized finance apps.
- Cardano’s native token ADA has become the fourth asset to be supported by Sygnum’s staking platform, the rest being ETH, ICP, and YTZ.
- Although Sygnum first debuted its crypto staking service two years ago, it has already become an integral part of its business.