2023-06-26 11:44:46
Sygnum expects a new brokerage business in Singapore to boost its revenues, due to strong activity on crypto-asset deals from investment funds, family offices and institutions.
Signum, which operates a digital asset bank in Switzerland and provides money management services in Singapore, has received preliminary approval from the Monetary Authority of Singapore for a license allowing it to offer crypto-asset brokerage services.
Gerald Goh, co-founder and CEO of Signum Singapore, said that the company seeks to capitalize on the wave of rising global demand from companies and institutions looking for regulated arenas to trade crypto assets.
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In an interview, Goh said, “Currently most of the demand is coming from the Web3 network or crypto fund managers that have their own business reasons to buy and sell digital assets, including cryptocurrencies, as part of their regulated money management activities.”
Banking options for cryptocurrency companies were sharply curtailed after the collapse of Silvergate Capital and Signature Bank in the United States last March, as traditional banks became more wary of acquiring clients associated with the volatile digital asset industry, and despite the emergence of some smaller lenders willing to offer their services, Their settlement services take longer.
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