Global digital asset bank Sygnum has reported a profitable first half (H1) of 2024, showcasing robust business performance. The firm saw a 500% increase in crypto derivatives trading and a two-fold increase in crypto spot trading volumes compared to the same period in 2023.
Strong Growth and Market Demand
According to a press release on Thursday, Sygnum experienced significant growth in lending activities, with over a 360% increase in loan volumes and more than 1,000 daily trades. Martin Burgherr, Sygnum’s Chief Clients Officer, attributed this surge in demand to the recent approval of Bitcoin and Ethereum ETFs, calling it a “moment” for the crypto sector.
“This is also reflected in Sygnum’s own growth, with our core business areas seeing a significant year-to-date increase in H1,” Burgherr stated.
Additionally, the percentage of ETH staked by Sygnum clients grew to 42%, a 15% increase above the global average, highlighting the shifting dynamics around Ethereum-related ETF products.
Expansion into EU and Asia
Sygnum is preparing to expand its operations into the European market in the first quarter of 2025, aligning with the upcoming Markets in Crypto-Assets Regulation (MiCA). This regulatory framework aims to create a transparent and secure environment for investors within the Eurozone.
“In Q1 2025, Sygnum will significantly expand its regulated footprint via a new office and licenses in the world’s biggest single market, the 30 countries comprising the European Union (EU) and European Economic Area (EEA),” the company announced.
Sygnum also plans to establish a presence in emerging Asian markets through its fully-regulated crypto services platform in Singapore. The bank is in advanced stages of planning regulated operations in Hong Kong and is already established in Abu Dhabi, providing local access to a portfolio of Swiss-regulated financial services.
Strategic Partnerships and Future Plans
In June, Sygnum onboarded more than 20 banks, including SocGen and PostFinance, to enable regulated crypto services for a third of the Swiss population through its B2B network. This move signifies Sygnum’s commitment to expanding its reach and providing secure, regulated access to crypto services.
With its strong performance in H1 2024 and strategic plans for expansion, Sygnum is poised to enhance its influence in the global crypto market, offering innovative and regulated financial services to a broader audience.
#crypto #bank #Sygnum

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Analysis of the results of the banking sector in Spain, prepared by Javier Molina, senior market analyst for eToro. Molina highlights the good results of the bank in 2023, although he points out that “they are not without challenges if we begin to discount expectations.”

“Despite notable growth, the immediate future raises questions about whether this upward trajectory can be maintained in a potentially volatile economic environment,” he explains.
In this sense, remember that a possible "slowdown in performance" of the sector could have an impact on the Ibex 35, taking into account that these companies "not only represent a large part of the market capitalization, but are also a barometer of economic confidence.” “If banks face difficulties in maintaining the pace of growth, investor confidence may decrease and the index may adjust,” he concludes.

Cryptocurrency is a digital currency that has become popular in recent years. Here are 5 interesting facts about cryptocurrency:

1. The creator of Bitcoin, the world's first cryptocurrency, remains a mystery

The so-called "Satoshi Nakamoto" is the pseudonym of the creator of Bitcoin. It is still unknown who really is behind this pseudonym. In 2008, Satoshi Nakamoto published a white paper describing the concept of Bitcoin and its technological foundations. In January 2009, the first version of the Bitcoin software was launched.

🔔 MARKET MOVING NEWS! (15/01/25)

1️⃣ Crypto Options Venue Deribit Draws Interest From Buyers 🔍

According to a Bloomberg report, crypto derivatives exchange platform Deribit has appointed a financial adviser to "review opportunities" after drawing attention from possible acquirers. Specifically, the report claims Deribit hired Financial Technology Partners for the potential deal, which at one point included interest from the crypto exchange Kraken. Deribit is estimated to be worth $4 billion to $5 billion.

When reached for comment, Deribit told Bloomberg,

In short, Deribit has not been put up for sale. Over time, we have received interest in strategic investments from a variety of parties, which we will not disclose.

2️⃣ TON Foundation Eyes Growth For TON Blockchain in U.S. Under Trump ⚡️
#TON
The Open Network (TON), a Telegram-linked blockchain project, is reportedly set to focus on growth in the United States under the incoming administration of US President-elect Donald Trump. As part of the strategy, the TON Foundation has appointed Manuel Stotz as its new president. Stotz has been serving at the TON Foundation since its official inception in Switzerland in 2023. He will be replacing Steve Yun, who remains on the board.

Commenting on Stotz’s appointment, Yun stated

Stotz's extraordinary track record in investment and passion for leveraging blockchain to empower communities make him the ideal leader for this next chapter. His vision, commitment, and extensive global network align perfectly with the foundation’s renewed focus on strategic expansions into the U.S. market.

3️⃣ Italy’s Largest Bank Enters Crypto Market With $1M Bitcoin Investment ‼️
#bank
Intesa Sanpaolo, Italy’s largest bank, has become the first Italian bank to make a Bitcoin investment. The bank reportedly purchased 11 BTC for about 1 million euros ($1.02 million) on Jan. 13th. Notably, the Italian bank’s investment comes during a period of increasing institutional interest in BTC. The news of the bank’s investment broke out after an internal email from the bank’s head of digital assets trading Niccolò Bardoscia was leaked.

In the email, Bardoscia wrote,

As of today 13/01/2025, Intesa Sanpaolo owns 11 Bitcoins. Thanks to everyone for the teamwork, this result would not have been possible without each of you.

4️⃣ AI Agent Tokens Skyrocket as Franklin Templeton Highlights 'Significant Promise' 🔼
#AIAgents
Artificial intelligence cryptocurrencies experienced a massive price rally earlier today after asset manager Franklin Templeton published a note highlighting how big AI and crypto could be together. Specifically, the note commented the interaction of AI agents with blockchains is “very exciting.” It also noted the current buzz surrounding AI16z and the Virtuals Protocol. However, the report also caveats its coverage of the niche by stating that AI agents are still in the early stages of development.

5️⃣ Rep. Tom Emmer Named Vice Chair of Digital Assets Subcommittee ▶️

United States Representative Tom Emmer has reportedly been appointed vice chairman of the House Subcommittee on Digital Assets, Financial Technology and Artificial Intelligence. Committee Chairman French Hill announced the appointment as part of the House Financial Services Committee's subcommittee assignments for the 119th Congress. Notably, Rep. Emmer is known for being one of the crypto industry’s staunchest defenders, frequently criticising federal agencies for their hostility towards the industry.