U.S. markets close in 2 hours 56 minutes
  • S&P 500

    4,442.02
    -13.46 (-0.30%)
     
  • Dow 30

    34,913.60
    +115.60 (+0.33%)
     
  • Nasdaq

    14,932.82
    -114.88 (-0.76%)
     
  • Russell 2000

    2,284.89
    +36.81 (+1.64%)
     
  • Crude Oil

    75.49
    +1.51 (+2.04%)
     
  • Gold

    1,752.80
    +1.10 (+0.06%)
     
  • Silver

    23.74
    +1.35 (+6.02%)
     
  • EUR/USD

    1.1707
    -0.0011 (-0.09%)
     
  • 10-Yr Bond

    1.4790
    +0.0190 (+1.30%)
     
  • GBP/USD

    1.3707
    +0.0026 (+0.19%)
     
  • USD/JPY

    110.9610
    +0.2760 (+0.25%)
     
  • BTC-USD

    43,064.61
    -248.46 (-0.57%)
     
  • CMC Crypto 200

    1,068.67
    -32.85 (-2.98%)
     
  • FTSE 100

    7,063.40
    +11.92 (+0.17%)
     
  • Nikkei 225

    30,240.06
    -8.75 (-0.03%)
     

Switzerland’s Sygnum Bank Gets Into DeFi

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·1 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

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. 

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.”

Related: Crypto Derivatives Platform dYdX Raises $65M in Paradigm-Led Series C

Banks and institutions are currently figuring out how to interact with DeFi, a $60 billion market of decentralized lending and trading mainly on Ethereum. Sygnum works with Swiss custody tech firm METACO, which provides 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.”

Related Stories