At the end of August, Sygnum was granted a banking and securities dealer license from the Swiss Financial Market Supervisory Authority (FINMA). It therefore became the first digital asset bank in the world. Around a month later, the Bank has now onboarded its first customers and achieved operational status, as was reported in a press release.
The first customer transactions were reportedly publicly recorded on the public blockchains Bitcoin and Ethereum. Sygnum has consequently proven that digital assets are bankable and can be managed in a convenient, non-technical way on a single banking platform.
The digital assets from Sygnum’s customers will not be held in collective wallets, but in personalized, segregated wallets with institutional-grade security. Access to these digital assets is provided via “an easy to use e-banking portal with state-of-the-art security features”.
“Our diversely talented team is proud of their achievements here this week and look forward to welcoming new customers as we roll-out our services over the coming weeks and months,” commented Manuel Krieger, Sygnum Co-Founder and CEO Switzerland. “By onboarding its first customers, Sygnum connects the world of regulated banking with the future finance of digital assets.”
Sygnum has headquarters in Zurich and Singapore. Members of the fintech’s Board of Directors include the former CEO of UBS Peter Wuffli.