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Sygnum's First-Half Spot Crypto Trading Doubles, Derivatives Increase 500%
The surging trading volumes helped the bank reach profitability for the first time.
Updated Jul 24, 2024, 10:01 p.m. Published Jul 24, 2024, 10:01 p.m.
- Sygnum Bank said crypto spot and derivatives trading surged in the first half, propelling it to its first half-yearly profit.
- The Swiss lender plans to expand into the European Union and Hong Kong in the coming months.
Sygnum Bank posted its first half-year profit as the U.S. debut of bitcoin exchange-traded funds (ETFs) and anticipation of ether approvals boosted trading volumes and other areas of the business expanded.
The Zurich, Switzerland-based lender did not disclose its profit figure. First-half spot crypto trading volume doubled from the year-earlier period and crypto derivatives volume increased by 500%. A $40 million fundraise in January helped boost core equity capital to some $125 million.
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Sygnum, which is licensed in Luxembourg, Singapore, and its native Switzerland, plans to acquire new licenses in Europe under the Markets in Crypto Assets (MiCA) regulations, which started to take effect last month and introduced a single regulatory environment throughout the 27-nation trading bloc. It also plans to expand its regulated operations in Hong Kong.
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