Cryptocurrency bank Sygnum unveiled the release of Sygnum Connect, a round-the-clock multi-asset instant settlement network whose goal is to fulfill the demand for a product that offers capital efficiency and on-demand liquidity needed for the evolution of the digital asset ecosystem.
The new network will facilitate the settlement of transactions involving fiat, digital assets, and stablecoins for institutional investors, liquidity providers, stablecoin issuers, brokers, and exchanges.
Its members will gain exposure to USD, EUR, CHF, and SGD fiat payments, while payments for a variety of digital assets encompassing BTC, ETH, and stablecoins will be incorporated later this year. Additionally, the network scope is set to broaden with the introduction of add-on services such as delivery-vs-payment transactions, on-demand Lombard loans, FX conversions, and stablecoin minting and redemption.
Initially, Sygnum Connect had a linkage to partner network, encompassing AsiaNext, Hidden Road, and B2C2, also offering connectivity to approximately two hundred global trading clients of Sygnum.
News: Sygnum launches Connect 24/7 Multi-Asset Instant Settlement Network https://t.co/JByMWu1aO3
First network to offer 24/7 free instant settlement for fiat, #digitalassets and #stablecoins Launches with existing institutional network, including regulated institution…
— Sygnum Bank (@sygnumofficial) July 11, 2024
Sygnum Collaborates With Fidelity And Chainlink To Bring NAV Data To Blockchain
Sygnum functions as a digital asset banking group that provides opportunities for investors, banks, corporates, and DLT foundations to invest in digital assets. In January, Sygnum concluded a $40 million funding round, valuing the firm at $900 million. The newly acquired capital is earmarked for expanding its offerings into new markets across Europe and Asia. Notably, since its last funding round in 2022, the bank’s assets under management have increased to $4 billion, serving 1,700 clients from over 60 countries.
Recently, Sygnum has entered into a collaboration with Fidelity International and the decentralized computing platform Chainlink to jointly create a project intended to bring net asset value (NAV) data onto the blockchain. The partnership will improve transparency and accessibility for NAV data associated with tokenized assets.
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