Markets
Swiss bank Sygnum posts first-half profit, spot cryptocurrency trading doubles, derivatives surge 500%
Sygnum Bank reports first half-year profit as bitcoin debuts in US (BTC) Exchange Traded Funds (ETFs) and Ether Anticipation (ETH) Approvals have boosted trading volumes and other areas of business have expanded.
The Zurich, Switzerland-based lender did not disclose its revenue. The volume of spot cryptocurrency trading in the first half of the year doubled compared to the same period last year, and the volume of cryptocurrency derivatives increased by 500%. $40 million raised in January helped increase core equity to approximately $125 million.
Sygnum, which is licensed in Luxembourg, Singapore and its home country of Switzerland, plans to acquire new licenses in Europe under the Markets in Crypto Assets (MiCA) regulation, which began taking effect last month and introduced a single regulatory environment across the 27-nation trading bloc. It also plans to expand its regulated operations in Hong Kong.