Tuesday, December 10, 2019

After Switzerland, Sygnum now seeks for banking license in Singapore

The Takeaway:

After successfully obtaining banking and securities license from Swiss regulators, Sygnum is planning to apply for the same in Singapore. The bank will go live with its services later this year. Initially, it would allow trading and storage in bitcoin and ethereum. The bank has successfully raised 60 million in Swiss Francs so far.

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Seba and Sygnum became the first crypto companies to obtain a banking and security license form the Switzerland authority FINMA. Sygnum is planning to get the same license from Singapore authority to make their crypto bank international.

According to a Blomberg report, the company is in talks with the Singapore regulators to obtain the banking license that would allow them to offer digital asset services in the city. Sygnum will launch its crypto-related services in Switzerland later this year. Initially, the bank will provide trading and storage in bitcoin and ethereum. Sygnum will also exchange fiat currencies like US dollars, Swiss Francs, Singapore dollars, and Euros into two cryptocurrencies.

Co-founder and CEO Mathias Imbach said that Sygnum has raised 60 million in Swiss Francs so far fo their operations in the country. All board of directors and 85% of the employees have stakes in the company. Singapore Telecommunications Ltd is also among the investors. Imbach also asserted that the bank would have a strict policy regarding money-laundering.

After Sygnum becomes a full-fledged bank in Switzerland, it would be less challenging for them to get clearance from the Singapore authorities.

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Dorsey Gray
Dorsey Gray
Dorsey works in the oil and energy industry since he graduated as a mechanical engineer from Bagdad Senior High School. However, he loves to explore and write about the financial world while he sits in the balcony of his beachside room. Dorsey also loves to cook, but just for himself.

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