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Swiss cryptocurrency bank Sygnum reports profitability after rising trading volumes in first half – DL News
- Sygnum says it has achieved profitability after increasing trading volumes.
- The Swiss cryptocurrency bank does not disclose specific profit figures.
Sygnum, a Swiss global cryptocurrency banking group with approximately $4.5 billion in client assets, said it achieved profitability after a strong first half, with key metrics showing year-to-date growth.
The company stated in a Press release which, compared to the same period last year, saw a two-fold increase in crypto spot trading volumes, a 500% expansion in crypto derivatives trading, and a 360% surge in lending volumes. No specific figures for first-half earnings were disclosed.
Sygnum said its Staking-as-a-Service has also grown, with the percentage of Ethereum staked by customers increasing to 42%. For institutional clients, Ethereum staking presents an advantage beyond the limitations of the ETF framework, which excludes staking returns, Sygnum noted.
“The approval and launch of Bitcoin and Ethereum ETFs have been a watershed moment for the cryptocurrency industry this year, driving a significant increase in demand for trusted, regulated exposure to digital assets,” said Martin Burgherr, head of client affairs at Sygnum.
He added: “This is also reflected in Sygnum’s growth, with our key business areas recording significant YTD growth in the first half.”
According to the release, Sygnum, which has also been licensed in Luxembourg since 2022, plans to expand into both the European and Asian markets.