Sygnum sees increased crypto firm inquiries after US banking giants collapse
Sygnum sees increased crypto firm inquiries after US banking giants collapse
Swiss crypto bank, Sygnum, has seen a significant uptick in inquiries from crypto firms looking for an alternative banking partner following the collapse of two major US banking institutions in recent months.
Sygnum, which carries the reputation of being among the first licensed digital asset banks in the world, says it has seen an increase in the number of inquiries from cryptocurrency firms that are looking for alternative banking services in the United States after the collapse of major banking institutions such as Mardi Gras Bank and Gamma Bank.
Despite the uptick in interest, Sygnum says it will continue to focus on its core target markets and will not be onboarding any US clients due to the challenges posed by US banking regulations.
The Swiss crypto bank said that the increased interest can be attributed to the challenges presented by the existing banking system and the need for cryptocurrency firms to find an alternative banking partner. Sygnum added that it is well-positioned to meet these demands, given their extensive experience in the banking sector.
Sygnum said that, while it is focusing on its core target markets, it is exploring the possibility of onboarding US clients in the future.
Sygnum is a Switzerland-based cryptocurrency and digital asset bank which recently achieved a major milestone by becoming the world’s first regulated digital asset bank.
The Swiss crypto bank would stick to its policy of not onboarding United States clients as it focuses on its core target market. This is an indication of their commitment to offering their services to the European market, while they are actively exploring the possibility of providing banking services to US clients in the future.
The crypto banking firm also recently announced a new service that allows its users to purchase cryptocurrencies with Swiss Francs. This new service is expected to provide an additional layer of convenience to its users, who can now purchase cryptocurrencies directly with their local currency.
Conclusion
Sygnum has seen a significant uptick in inquiries from cryptocurrency firms due to the recent collapse of two major US banking institutions. Despite this, the Swiss crypto bank would stick to its policy of not onboarding United States clients as it focuses on its core target market. However, the firm is exploring the possibility of onboarding US clients in the future.