**Sygnum Bank Hits Profitability Amid Crypto Trading Surge**

Swiss crypto bank Sygnum, managing $4.5 billion in client assets, has announced it reached profitability following a significant boost in crypto trading volumes in the first half of 2024.

Key Highlights:

- Crypto spot trading volumes doubled.

- Crypto derivatives trading surged by 500%.

- Loan volume increased by 360%.

Chief Client Officer Martin Burgherr credits the spike to the approval of Bitcoin and Ethereum ETFs in the U.S., which has driven demand for regulated digital assets.

Sygnum offers various crypto-related exchange-traded products and has seen a rise in clients staking Ether, now accounting for 42% of all Ether held by the bank.

Looking ahead, Sygnum plans to expand into the European market, aiming to comply with the EU’s new crypto regulations by Q1 2025. The bank, valued at $900 million, also eyes growth in the Asia-Pacific region, including Hong Kong.