Sygnum, a Swiss cryptocurrency bank, has received the green light to offer its banking services in Singapore.
First cryptocurrency bank
The bank was the first company in Switzerland with the title cryptocurrency bank. Since then, the company has plans for expansion to several countries, including Singapore. Sygnum has now received a CMS (Capital Market Services) license from the monetary authority of Singapore, the central bank in the Asian state.
This license has been an important milestone for the bank to set up an asset management arm, according to Sygnum.
Singapore openly embraces cryptocurrency. It is, therefore, becoming a cryptocurrency-friendly environment for cryptocurrency and blockchain companies. The bank is a good first step in this regard. More companies are expected to follow in the near future.
In addition to Singapore, Sygnum is also looking for expansion to other markets such as Europe and Hong Kong. With this, the bank wants to use the full potential of the cryptocurrency market, so that the bank may be able to serve thousands of (new) customers.