Sygnum, a Swiss global crypto banking group, announced that it has achieved profitability after a strong first half of the year with significant growth in key metrics.
Swiss Crypto Bank Sygnum Reports Profitability Following First-Half Increase in Trading Volumes
The bank, which manages about $4.5 billion in client assets, did not disclose specific profit figures but highlighted significant year-to-date growth in its operations.
In a news release, Sygnum reported a twofold increase in crypto spot trading volumes compared to the same period last year. Additionally, the company saw a 500% expansion in crypto derivatives trading and a 360% increase in lending volumes.
Sygnum's Staking has also experienced significant growth, with the percentage of Ethereum staked by customers rising to 42%. The bank noted that staking Ethereum for institutional clients offers benefits beyond the ETF framework, which does not include staking returns.
“The approval and launch of Bitcoin and Ethereum ETFs marked a turning point for the crypto sector this year, leading to a massive increase in demand for trusted, regulated exposure to digital assets,” said Martin Burgherr, chief client officer at Sygnum.
Licensed in Luxembourg since 2022, Sygnum plans to continue expanding in both European and Asian markets, according to the statement.
*This is not investment advice.