Switzerland’s Sygnum Bank Enters Decentralized Finance

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Switzerland’s Sygnum Bank launches custody and trading across a range of decentralized finance (DeFi) tokens including Aave, Aragon, Curve, Maker, Synthetix, Uniswap and 1inch

Switzerland’s Sygnum Bank is launching custody and trading across a range of decentralized finance (DeFi) tokens including Aave, Aragon, Curve, Maker, Synthetix, Uniswap and 1inch . Adding banking services for USDC, Sygnum plans to expand with a range of return-generating products for its clients that include banks, hedge funds, asset managers and family offices.

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

“These can either be based on the proof-of-stake protocol, i.e. staking , or leverage decentralized credits to generate returns for our clients who are slightly beyond the roadmap.”

Banks and institutions are currently trying to figure out how to interact with $60 billion of decentralized lending and DeFi, which predominantly trades around Ethereum. Sygnum; BBVA is working with Swiss custody technology firm METACO, which provides digital asset protection to banks such as Standard Chartered and GazpromBank Switzerland.

Stani Kulechov, CEO of Aave, said: “Sygnum’s enterprise-grade custody solution makes it easy for customers to join the digital asset ecosystem. We look forward to continued collaboration to connect the traditional banking world with decentralized finance.”

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