Swiss bank Sygnum receives FINMA permission for crypto trading

The world’s first crypto bank, Sygnum, located in Switzerland, has received approval from the National Financial Markets Supervision Authority (FINMA) to launch a crypto trading platform. The service will help not only to carry out the primary issue, storage of the asset, but also provides an opportunity for secondary trading in securities.

“Users benefit from instant settlement, the ability to move between fiat, digital franc and token positions in real time, and bank-grade storage security – all on one regulated platform,” Sygnum said in an official press release. the creation of two new companies in Switzerland focused on promoting the cryptobank’s blockchain technology initiatives, creating new products and services developed by the regulated branch in Singapore.

As a reminder, Sygnum became one of the first blockchain service providers to receive from FINMA the right to conduct banking and securities transactions. The license was issued last year.