According to Jinse Finance, Sygnum Bank has announced its first half-year profit, driven by the growth in trading volume and expansion into other business areas following the debut of Bitcoin (BTC) exchange-traded funds (ETFs) in the United States and the expected approval of Ether (ETH). The Swiss-based bank did not disclose its profit figures. Spot cryptocurrency trading volumes in the first half of the year doubled compared to the same period last year, while cryptocurrency derivative trading volumes increased by 500%. The $40 million in funding raised in January helped increase the core capital to about $125 million.
Sygnum has licenses in Luxembourg, Singapore, and Switzerland, and plans to obtain new licenses in Europe under the Market in Crypto-Assets (MiCA) regulation. The regulation came into effect last month and introduced a single regulatory environment in the trade zone of 27 countries. The company also plans to expand its regulated business in Hong Kong.