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Swiss crypto bank Sygnum receives new license in Singapore

 


Sygnum Singapore is a subsidiary of Swiss cryptocurrency bank Sygnum and is now expanding its range of services after receiving approval from local authorities.


On Tuesday, the company announced that Sygnum Singapore had received approval in principle from the Singapore financial regulator MAS. It is now allowed to offer three additional regulated activities under the license for capital market services. This so-called CMS license was first granted in 2019 and allowed Sygnum Singapore to offer wealth management.


With the new approval, Sygnum Singapore is now permitted to offer corporate financial advisory services, trading of tokenized capital markets products and digital assets, and custody services for asset and security tokens.


This is how Sygnum intends to offer its tokenization solution in Singapore. The focus is initially on the tokenization of fund shares. Specifically, the company wants to get started on its newly launched venture capital fund, the SBI-Sygnum-Azimut Digital Asset Opportunity Fund. Further projects are to be added in the future, including business consulting for Web3 platforms and digital creators. Activities related to digital collectibles, NFTs and Metaversum assets are also planned.


Sygnum operates a proprietary tokenization platform in Switzerland that allows asset owners to issue tokens representing ownership interest in various traditional securities, digital assets and NFTs. In terms of NFT tokenization, Sygnum boasts a digitized Picasso painting and a CryptoPunk NFT.


Sygnum recently raised $90 million in a Series B funding round, valuing the company at $800 million as of early January 2022. This round of funding was led by Hong Kong investment firm Sun Hung Kai & Co. Animoca Brands and the Canadian company Meta Investments also participated in this.

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