The Swiss crypto bank Sygnum is scoring points with customers with, of all things, traditional securities, and financial products. Meanwhile, the «Crypto Winter» continues.
Sygnum, one of only two licensed crypto banks in the financial center, is, for once, not reporting on the world of digital tokens and coins. Instead, the Swiss-Singaporean institution said Wednesday that its offering of traditional financial products was attracting lively customer interest.
In addition to its core portfolio of crypto investments, Sygnum offers securities such as stocks and bonds and exchange-traded index funds and products.
Ready for the Next Bull Market
The fintech generated «several billion francs» of demand thanks to this old-school offering. Likewise, last year's trading volume was exceeded at the beginning of September, and net new money had tripled. The bank did not provide exact figures.
The statement added that with diversification into traditional assets, clients are preparing for the next digital asset bull market.
Capital is Scarce
However, the crypto scene is in the depths of winter. As finews.com reported, players have difficulty attracting fresh capital, given the low valuations of tokens and coins. Both total funding amounts and the number of transactions hit new lows in the third quarter.
Meanwhile, the trial in the US against Sam Bankman-Fried, the founder of the failed crypto exchange FTX, continues to overshadow market activity.
