{"id":85001,"date":"2024-07-25T00:49:02","date_gmt":"2024-07-25T04:49:02","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=85001"},"modified":"2024-07-25T00:49:07","modified_gmt":"2024-07-25T04:49:07","slug":"sygnum-bank-posts-profit-after-doubling-crypto-trading-volumes","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/sygnum-bank-posts-profit-after-doubling-crypto-trading-volumes\/","title":{"rendered":"Sygnum Bank Posts Profit After Doubling Crypto Trading Volumes"},"content":{"rendered":"\n

Sygnum Bank reaches profitability with a significant rise in crypto trading volumes<\/a> and loan growth in H1 2024.<\/p>\n\n\n\n

\"Sygnum
Sygnum Bank Posts Profit After Doubling Crypto Trading Volumes<\/figcaption><\/figure>\n\n\n\n

The Swiss crypto bank Sygnum Bank, which has $4.5 billion in client assets, has announced that it has achieved profitability following a significant increase in crypto trading volumes during the first half of 2024.<\/p>\n\n\n\n

Sygnum disclosed a twofold increase in crypto spot trading volumes and a 500% increase in crypto derivatives trading in H1 2024 when contrasted with the previous year's period in a statement issued on July 25. Additionally, the volume of loans increased by 360 percent.<\/p>\n\n\n\n

Martin Burgherr, the Chief Client Officer of Sygnum, attributed the gains to the recently authorized spot Bitcoin exchange-traded funds in the United States.<\/p>\n\n\n\n

“The approval and launch of Bitcoin<\/a> and Ethereum ETFs were a pivotal moment for the crypto sector this year, resulting in a substantial surge in demand for regulated, trusted exposure to digital assets.”<\/p>\n\n\n\n

\n

\u201cThis is also reflected in Sygnum\u2019s own growth, with our core business areas seeing a significant YTD increase in H1.\u201d<\/p>\n<\/blockquote>\n\n\n\n

Sygnum provides a variety of exchange-traded crypto-related products, including the Sygnum Platform Winners Index ETP, which comprises Bitcoin, Ether, Solana, Cardano, Polkadot, and other large market cap coins.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Additionally, an increasing number of clients are choosing to stake their Ether through Sygnum's staking-as-a-service offering, which now comprises 42% of all Ether held by Sygnum customers.<\/p>\n\n\n\n

Sygnum stated that institutional clients are afforded a distinctive advantage that surpasses the constraints of the ETF framework, which presently prohibits staking yields.<\/p>\n\n\n\n

The bank, recently valued at $900 million following a $40 million capital raise in January, is seeking to further expand into the European market. It anticipates being entirely compliant with the European Union's new Markets in Crypto-Assets Regulation<\/a> by Q1, 2025..<\/p>\n\n\n\n

Although Switzerland is situated in Europe, it is not affiliated with the European Union and, as a result, is not subject to MiCA.<\/p>\n\n\n\n

Nevertheless, Sygnum has been licensed in Luxembourg, an EU member state, since the bank's establishment in 2022.<\/p>\n\n\n\n

Sygnum has announced that it has formed partnerships with over 20 business-to-business banks and financial institutions, which have enabled over one-third of the Swiss populace to trade cryptocurrency\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> through their primary banks.<\/p>\n\n\n\n

The bank's institutional and professional investor client base is now approaching 2,000.<\/p>\n\n\n\n

Sygnum maintains an office in Singapore and intends to broaden its regulated offerings to encompass the Asia-Pacific region, including Hong Kong, shortly.<\/p>\n","protected":false},"excerpt":{"rendered":"

Sygnum Bank reaches profitability with a significant rise in crypto trading volumes and loan growth in H1 2024. The Swiss crypto bank Sygnum Bank, which has $4.5 billion in client assets, has announced that it has achieved profitability following a significant increase in crypto trading volumes during the first half of 2024. Sygnum disclosed a […]<\/p>\n","protected":false},"author":36,"featured_media":85006,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[20814,14082,20815],"class_list":["post-85001","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-crypto-trading-volumes","tag-profit","tag-sygnum-bank"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/07\/MicrosoftTeams-image-23-1-1024x768-1.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/85001","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=85001"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/85001\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/85006"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=85001"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=85001"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=85001"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}