SygnumBank posted its first half-year profit as the debut of a Bitcoin (BTC) exchange-traded fund (ETF) in the United States and the expected approval of Ether (ETH) drove growth in trading volumes and expansion in other areas of the business. The Zurich, Switzerland-based bank did not disclose its profit figure. Spot cryptocurrency trading volume doubled in the first half compared to the same period last year, and cryptocurrency derivatives trading volume rose by 500%. The $40 million raised in January helped increase core equity to about $125 million.
Sygnum, which has licenses in Luxembourg, Singapore and Switzerland, plans to obtain a new license in Europe under the Crypto Asset Markets (MiCA) regulation, which came into effect last month and introduced a single regulatory environment within the 27-nation trade zone. The company also plans to expand its regulated operations in Hong Kong.
Sygnum Surges Crypto Spot and Derivatives Trading in First Half, Plans to Expand to European Union and Hong Kong
2024-07-24 22:49:26
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