Digital Asset Giant Sygmun Seeks Singapore Banking License

Digital Asset Giant Sygmun Seeks Singapore Banking License

Plans for Sygnum to obtain a banking and securities dealer license from Singapore regulators was revealed earlier this week by the company’s co-founders Gerald Goh and Mathias Imbach. This new step forward for the company mirrors their recent achievement of being one of two first companies to to obtain a banking license in Switzerland from the Swiss Financial Market Supervisory Authority (FINMA).

As a regulated Swiss bank, Sygnum, a crypto company at its core, can, as of receiving its license, trade, store and manage Bitcoin and Ethereum.

The company has started negotiations with the local Singaporean regulators for a capital markets service license. The company has raised approximately 60 million in Swiss Francs that will serve them well during the whole operation. It is said that 85% of the employees of the firm are involved financially in the endeavor, plus some outside investors, most notably Singapore Telecommunications Ltd.

Sygnum’s move is a symbolical one as well, as the company aims to bring correlating crypto banking services to the Asian market. Furthermore, the company has been approached by many potential customers who, according to the chief executive officer of Sygnum, possess substantial amounts of cryptocurrencies and are looking for fully regulated banks that can shelter their crypto holdings.

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