Swiss Crypto Bank Sygnum Eyes EU and Asia Expansion, After Profitable H1 2024

Global digital asset bank Sygnum has reported a profitable first half (H1) of 2024, driven by strong business performance. The firm saw a 500% increase in crypto derivatives trading and a two-fold increase in crypto spot trading volumes, compared to the same period in 2023.

Per a Thursday press release, the crypto bank has experienced a strong growth in lending activities. Sygnum showed over 360% increase in loan volumes and more than 1000 daily trades.

Martin Burgherr, Sygnum’s Chief Clients Officer, attributes the crypto demand to the recent approval of Bitcoin ETFs and Ethereum ETFs. He called it a “watershed moment” for the crypto sector this year.

“This is also reflected in Sygnum’s own growth, with our core business areas seeing a significant YTD increase in H1.”

Further, the company’s percentage of ETH staked by clients has also grown to 42%, a 15% increase from global average. “This is especially notable given the shifting dynamics around Ethereum-related ETF products,” Sygnum wrote.

Sygnum also onboarded more than 20 banks including SocGen and PostFinance in June. The move was to enable regulated crypto services for third of Swiss population, through its B2B network.

Sygnum Eyes EU and Asia Expansion

The crypto bank is considering to expand further into the European market in Q1 2025, in compliant with the upcoming Markets in Crypto-Assets Regulation (MiCA). The landmark framework aims to make the crypto industry in the Eurozone a transparent and secure environment for investors.

“In Q1 2025, Sygnum will significantly expand its regulated footprint via a new office and licences in the world’s biggest single market, the 30 countries comprising the European Union (EU) and European Economic Area (EEA).”

Additionally, it is planning to set footprint in the emerging Asia markets through its fully-regulated crypto services platform in Singapore.

Sygnum is also in the advanced stage of planning for regulated operations in Hong Kong, the release added. Besides, the bank is also established in Abu Dhabi, offering local access to a portfolio of Swiss-regulated financial services.