Switzerland’s Sygnum bank gets into decentralized finance

Switzerland’s Sygnum Bank is launching custody and trading across a range of decentralized finance (DeFi) tokens.

Switzerland’s Sygnum bank gets into decentralized finance

The token list that the bank is launching includes Aave, Aragon, Curve, Maker, Synthetix, Uniswap, and 1inch Network.

Sygnum added banking services for the USDC stablecoin and plans to expand with a suite of yield-generating products for its clients, which include banks, hedge funds, asset managers and family offices. 

Thomas Eichenberger, Sygnum Bank’s head of business units, said in a recent interview, “This is the next step on our journey to enable a variety of yield-generating products in the digital-asset space.” 

“These can either be based on the proof-of stake-protocol, so staking itself, or also leveraging and decentralized lending to generate yield for our clients, which is a bit further out on the roadmap,” Eichenberger stated.

Read: World Economic Forum releases policy toolkit for DeFi regulations

Banks and institutions are currently figuring out how to interact with DeFi, which has a $60 billion market of decentralized lending and trading mainly around Ethereum

Sygnum is working with Swiss custody tech firm METACO, which provides digital-asset safekeeping to banks like BBVA, Standard Chartered, and GazpromBank Switzerland. 

“Sygnum’s institutional-grade custody solution makes it easier for clients to onboard to the digital asset ecosystem,” Stani Kulechov, Aave CEO stated, “We look forward to continued collaboration with the aim of bridging the traditional banking world with decentralized finance.”