Sygnum First Phase of Institutional-Grade Access to DeFi
Sygnum Bank announces launch of regulated banking services for leading decentralised finance tokens #Aave, #Aragon, #Curve, #Maker, #Synthetix, #Uniswap, #1inch, as well as stablecoin, USDC by #Circle.
This significant expansion of Sygnum’s token offering marks the first milestone in Sygnum’s ambition to bridge centralised and decentralised finance (DeFi).
Total Value Locked (TVL) in DeFi applications has surged from USD 1 billionone year ago to now USD 60 billion[1] – clear indication that DeFi will play an increasingly relevant role in shaping Future Finance.
Launch of custody and trading services for DeFi tokens is only the first step and will be followed by the launch of a suite of yield-generating products across Sygnum’s banking and asset management offering.
In parallel, Sygnum is collaborating with leading DeFi protocols to develop an innovative range of custom DeFi solutions targeted towards institutional and private qualified clients.
Sygnum to roll out portfolio of DeFi tokens
DeFi is the umbrella term for a growing number of decentralised applications which operateon public blockchains without the need for intermediaries. It aims to deliver new levels of efficiency and service innovation across a range of traditional and new financial use-cases, and already has USD 60 billion Total Value Locked (TVL) within its ecosystem and is set to grow further. In addition, the scalability and value of these DeFi applications will be significantly boosted by the ongoing Ethereum 2.0 upgrade, the public blockchain hosting the vast majority of DeFi applications, and further adoption of layer 2 scaling solutions.
Sygnum Bank now offers institutional-grade custody and regulated trading for a portfolio of leading DeFi tokens, all of which have seen strong market traction in the past year, including:
Aave(AAVE) – liquidity protocol for earning interest on deposits and borrowing assets
Aragon (ANT) – suite of applications and services that enable new forms of governance for global organizations
Curve (CRV) – decentralised exchange with a focus on stablecoins
Maker (MKR) – lending platform enabling over-collateralised loans to manage DAI, astablecoin pegged to the US dollar
Synthetix (SNX) – derivatives liquidity protocol allowing users to gain exposure to a vast range of assets on the Ethereum blockchain
Uniswap (UNI) – decentralised exchange enabling trading of a broad range of ERC-20 tokens
1inchNetwork (1INCH) – distributed network for decentralised protocols on Ethereum, Binance Smart Chain and Polygon
In addition, Sygnum will provide custody and trading for USD Coin, a leading stablecoin used in the DeFi space.
In the first phase, Sygnum clients can invest directly in these tokens and access a full suite ofbanking services including institutional-grade custody, transfer and trading services. In laterphases, Sygnum will offer a suite of DeFi yield-generating products and services across its banking as well as asset management offering, and develop custom solutions for its clients with selected DeFi partners.
What is Sygnum?
Sygnum is the world’s first digital asset bank, and a digital asset specialist with global reach. With Sygnum Bank AG’s Swiss banking licence, as well as Sygnum Pte Ltd’s capital markets services (CMS) licence in Singapore, Sygnum empowers institutional and private qualified investors, corporates, banks, and other financial institutions to invest in the digital asset economy with complete trust. Sygnum operates an independently controlled, scalable, and future-proof regulated banking platform. Our interdisciplinary team of banking, investment, and Distributed Ledger Technology (DLT) experts is shaping the development of a trusted digital asset ecosystem. The company is founded on Swiss and Singapore heritage, and operates globally.
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