Zurich-based digital asset bank Sygnum is receiving a large number of inquiries from international cryptocurrency firms seeking new banking partners following the recent bankruptcies of pro-crypto banking giants in the United States.
Dominic Castley, Sygnum’s chief marketing officer, told Cointelegraph in an email that they are receiving more association inquiries from cryptocurrency companies based in various jurisdictions seeking to bank with them. He explained:
“In recent weeks, as current events in the banking industry have unfolded, we have seen a significant increase in onboarding inquiries from various international locations, including several from the UAE and the Middle East.”
Castley added that new onboarding inquiries are mainly coming from investors, asset managers and blockchain projects that seek to diversify their investments in cryptocurrencies. He explained that the Swiss bank is going the extra mile in expanding its customer service and compliance teams “to welcome these new customers in a fast but fully compliant way.”
Signature Bank, Silvergate Capital and Silicon Valley Bank all collapsed in March, leaving US cryptocurrency firms scrambling to find institutions to do business with.
Although recent events have been an opportune time for the Swiss bank to partner with new clients, Castley said they would maintain their policy of not serving US clients.
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“Sygnum made the decision not to serve US clients in 2017 in order to fully focus on our primary target markets,” Castley wrote. “It has been a founding policy ever since, and as a result, we do not onboard any US person or entity as a client.”
Faced with the increase in entities interested in doing business with Sygnum, Castley said the company attributes this to its dual location in Switzerland and Singapore and its strategy of being fully regulated in both jurisdictions.
Sygnum recently announced that it will open its Middle East hub for Swiss-regulated crypto-banking services on the Abu Dhabi Global Market (ADGM) after obtaining financial services permission from the Financial Services Regulatory Authority (FSRA).
Following Sygnum’s expansion efforts in the Middle East, the Swiss digital asset bank is now looking to position itself in another jurisdiction that is also receptive to cryptocurrencies.. In addition to Abu Dhabi and Singaporeis licensed to operate in Luxembourg.
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