A firm that provides the digital Swiss franc now has the government approval to operate as a “digital asset trading facility.”
Sygnum, a well-known Swiss cryptocurrency bank, is getting ready for its first trading of digital assets after it was given a go-ahead by the authorities.
The go-ahead came few days ago from the Financial Market Supervisory Authority (FINMA). Now, Sygnum can function as a digital asset trading facility without any fears.
With this recent development, Sygnum now knows about every service rendered by a securities firm. It has done primary issuance, settlement, custody and now, secondary trading.
Now that Sygnum has been approved, its stablecoin known as the Digital Swiss franc (DCHF) will now have more usage.
Another news from Sygnum is that it will soon have two other branches in Switzerland. They will be faced with the task of letting people know that Sygnum can provide various blockchain services and they will also launch any products and services from the approved branch in Singapore.
Sygnum has its headquarters in Zurich and is said to be the first known cryptocurrency bank in Switzerland. Sygnum has been growing from strength to strength since its inception. In August last year, it was licensed to operate as a Swiss bank and in September the same year, it got approved by the Monetary Authority of Singapore.
Apart from providing custodial services for Bitcoin (BTC), Sygnum is said to be the first to give out the digital franc. Its stable coin, the DCHF, was adopted last month by Galaxus online retail store for e-commerce transactions on a trial version.