After obtaining a banking license in Switzerland, crypto company Sygnum is now planning to apply for a similar license in Singapore.
The plans of the crypto company were revealed by its co-founders Mathias Imbach and Gerald Goh in an interview with Bloomberg on Wednesday.
Sygnum recently became one of the two first crypto companies to receive a banking license from the Swiss Financial Market Supervisory Authority (FINMA). With the status of a Swiss bank, the crypto company can now issue, store, trade, and manage the digital assets Bitcoin and Ethereum and also convert multiple fiats, namely the Swiss franc, euro, US dollar, and Singapore dollar, to the two cryptocurrencies.
Apart from crypto-fiat conversion, Sygnum will also offer custody, brokerage, and tokenization services for digital currencies to qualified investors and institutions.
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Bringing banking services to crypto companies
With a presence in both Switzerland and Singapore, the crypto company is now trying to bring similar crypto banking services to the Asian market.
“In order for us to provide a full suite of services, we need to operate as a bank” in Singapore, Goh, who also holds the rank of chief strategy officer at the company, told Bloomberg.
The company has already initiated talks with the regulators in Singapore for a capital markets services license.
The crypto company is also well funded as it raised about 60 million Swiss francs (around $61 million), which is sufficient for running the operations for the next two years, according to Imbach, who is also the CEO at Sygnum.
“We have been approached over the past few months by many parties who hold a lot of cryptocurrencies and look for a fully regulated bank,” Imbach added. “One of their biggest challenges is to find banking specialists to connect them to the real world, to pay their taxes, their employees’ salary.”