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Switzerland’s Sygnum Bank Gets Into DeFi
Custody and trading services for DeFi tokens is the first step, to be followed by a suite of yield-generating products.
By Ian Allison
Updated May 9, 2023, 3:20 a.m. Published Jun 15, 2021, 7:21 a.m.
Switzerland’s Sygnum Bank is launching custody and trading across a range of decentralized finance (DeFi) tokens including aave, aragon, curve, maker, synthetix, uniswap and 1inch network.
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Sygnum, which has also added banking services for the USDC stablecoin, plans to expand with a suite of yield-generating products for its clients, which include banks, hedge funds, asset managers and family offices.
“This is the next step on our journey to enable a variety of yield-generating products in the digital-asset space,” Thomas Eichenberger, Sygnum Bank's head of business units, said in a recent interview. “These can either be based on the proof-of stake protocol, so staking itself, or also leveraging and decentralized lending to generate yield for our clients, which is a bit further out on the roadmap.”
See also: Sygnum Becomes First Bank to Offer Custody of Dfinity’s ICP Token
Banks and institutions are currently figuring out how to interact with DeFi, a $60 billion market of decentralized lending and trading mainly on Ethereum. On the digital-asset custody side, Sygnum leverages Custodigit, which involves Swiss tech provider METACO, a provider of digital asset safekeeping to banks like BBVA, Standard Chartered and GazpromBank Switzerland.
"Sygnum's institutional-grade custody solution makes it easier for clients to onboard to the digital asset ecosystem,” Aave CEO Stani Kulechov said in a statement. “We look forward to continued collaboration with the aim of bridging the traditional banking world with decentralized finance.”
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