Crypto Bank Sygnum Report: Significant Profit Growth in 2024 Will Expand Asia

This site (120BtC.coM): A press release issued by crypto bank Sygnum this morning (25) stated that thanks to the strong performance of cryptocurrency prices, spot and derivatives trading volumes, the company’s performance in the first half of 2024 Profitability has grown significantly.

Sygnum Report: Significant profit growth in 2024

Sygnum said in a statement that the company reached profitability in the first half of 2024, mainly due to a sharp increase in cryptocurrency derivatives trading and total loan volume.

Specifically, it includes "cryptocurrency spot trading volume doubled", "crypto derivatives trading volume increased by 500%", "total loan volume grew by more than 360%", etc.

In addition, the company has also seen a significant increase in crypto transfer volume on its institutional-grade platform among four core customer groups: mainly professional private investors, external asset managers and multi-family offices, cryptocurrency foundations, and hedge funds .

At the same time, the company’s “Staking as a Service (SaaS)” product has also seen significant growth, with the percentage of Ethereum pledged by Sygnum customers increasing to 42%: This growth is noteworthy considering the launch of Ethereum-related ETF products in the United States , because for institutional customers, pledging ETH to SaaS service providers has the unique advantage of exceeding the ETF pledge limit.

In addition, the number of institutional and professional investor customers served by Sygnum has also grown to nearly 2,000. It has also cooperated with B2B banks to provide technical support for more than 1,000 crypto transactions per day to more than one-third of the Swiss population.

Customer Chief: The launch of Bitcoin and Ethereum ETFs is a watershed for the crypto industry

Sygnum Chief Customer Officer (CCO) Martin Burgherr emphasized: The approval and launch of Bitcoin and Ethereum ETFs is a watershed for the crypto industry this year, making Institutional and retail investors’ demand for trusted and regulated digital asset exposure has increased significantly.

And added, "This is also reflected in the significant growth of Sygnum's core business in the first half of the year, and we will continue to accelerate international expansion and develop new services."

Sygnum's international expansion plan

has always been active in the European market Sygnum, which holds licenses in Switzerland and Luxembourg, is expected to achieve compliance with the EU's "Encryption Market Regulation Act (MiCA)" in the first quarter of 2025, and strives to expand its business to 30 countries in the European Economic Area (EEA).

At the same time, the company has also extended its reach to Asia and the Arab region, launching regulated digital asset financial platforms in Singapore and Abu Dhabi, and the supervision operation plan for Hong Kong has also reached the final review stage.

This month, in addition to cooperating with Fidelity International and Chainlink to promote tokenized securities and other assets on the chain, Sygnum also launched the Sygnum Connect instant settlement network to improve the transaction speed, cost and reliability of the global encryption ecosystem.

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