Sygnum Bank Reports Profitability Boost from Crypto ETF Approvals

Swiss crypto bank Sygnum Bank has reported profitability for the first half of 2024, largely due to a spike in trading volumes following the approval of Bitcoin and Ethereum ETFs in the U.S.

The bank saw its spot crypto trading volume double and experienced a dramatic 500% increase in derivatives trading.

Additionally, Sygnum’s lending business grew significantly, with Lombard loan clients nearly doubling and loan volumes expanding by over 360%. The bank attributes its success to improved trading capabilities, strategic partnerships, and a dedicated team of over 250 professionals.

Martin Burgherr, Sygnum’s Chief Client Officer, highlighted that the ETF approvals were crucial in driving increased demand for regulated digital asset exposure.

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The bank offers various crypto-related products and has seen a rise in Ethereum staking among its clients, now representing 42% of its ETH holdings.

Following a $41 million capital raise earlier this year, Sygnum, now valued at $900 million, is preparing to enter the European market and comply with the EU’s Markets in Crypto-Assets Regulation by early 2025.

The bank also plans to extend its regulated services to Asia-Pacific regions, including Hong Kong.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.