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.
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.
The OpenAI business segment, which includes the ChatGPT Enterprise, Team and Edu products, has increased its paid user base by nearly 67% since April, surpassing one million users as of September 5.
Asset manager WisdomTree has asked the U.S. Securities and Exchange Commission (SEC) to withdraw its S-1 application for a spot Ethereum exchange-traded fund (ETF), more than three years after it was originally filed.
India’s Financial Intelligence Unit (FIU) is considering the reactivation of operations for two additional international crypto exchanges.
Binance is on track to become Kazakhstan’s first fully regulated cryptocurrency exchange.