Digital Asset Giant Sygmun Seeks Singapore Banking License

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Plans for Sygnum to obtain a banking and securities dealer license from Singapore regulators was revealed by the company’s co-founders Gerald Goh and Mathias Imbach. This new step forward for the company mirrors their recent achievement of being one of two first companies to to obtain a banking license in Switzerland from the Swiss Financial Market Supervisory Authority (FINMA).

As a regulated Swiss bank, Sygnum, a crypto company at its core, can, as of receiving its license, trade, store and manage Bitcoin and Ethereum.

The company has started negotiations with the local Singaporean regulators for a capital markets service license. The company has raised approximately 60 million in Swiss Francs that will serve them well during the whole operation. It is said that 85% of the employees of the firm are involved financially in the endeavor, plus some outside investors, most notably Singapore Telecommunications Ltd.

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