Swiss crypto bank Sygnum reported profits in the first half of 2024, driven by a surge in crypto trading volume. According to an announcement shared with crypto.news, the bank’s spot crypto trading volume doubled since 2023, alongside a 500% increase in crypto derivatives volumes and a 360% rise in lending volumes.
Exact profit figures for the period were not disclosed. However, Sygnum highlighted significant growth in crypto transfer volumes from its core clients, including professional private investors, asset managers, multi-family offices, crypto foundations, DLT companies, and funds.
Spot Bitcoin ETFs and the anticipated Ether ETFs were identified as key growth drivers. Sygnum’s Chief Client Officer, Martin Burgherr, attributed the demand for “trusted, regulated exposure to digital assets” to these new investment vehicles.
The bank also saw a 42% increase in staked ETH through its staking-as-a-service offering. Unlike Ether ETFs, which exclude staking due to SEC regulations, Sygnum’s staking service is noted as a “unique benefit beyond the ETF framework.”
Additionally, Sygnum plans to expand within the European Union, aiming to acquire licenses across the 30 EU and EEA countries by 2025, building on its existing operations in Luxembourg since 2022.
The bank credited its “strong business performance” and “regulated banking platform” for its upcoming MiCA-compliant entry into the EU market.
Beyond Europe, Sygnum is expanding its presence in Asia, with plans underway for operations in Hong Kong.
Launched in 2018, Sygnum recently secured $40 million in funding from asset manager Azimut Holding. In June, it added over 20 new clients for its B2B services, partnering with major institutions such as PostFinance, ZugerKB, LuzernerKB, and VZ Depotbank.
Sygnum currently manages $4.5 billion in assets and serves nearly 2,000 clients across more than 60 countries.
