Swiss crypto bank Sygnum has reported profits for the first half of 2024, thanks to a significant rise in crypto trading volume. This period saw the bank’s spot crypto trading volume double, alongside a 500% increase in crypto derivatives and a 360% rise in lending volumes.
Though exact profit figures were not disclosed, the bank noted strong growth from its core clientele, including professional private investors and multi-family offices. The launch of spot Bitcoin Exchange Traded Funds and the anticipation of Ether ETFs were key growth drivers, according to Chief Client Officer Martin Burgherr.
Sygnum also saw a 42% increase in staked ETH, offering a unique benefit beyond the limitations of ETF frameworks, as staking is excluded by the SEC. The bank plans to expand within the EU by 2025 and is also eyeing growth in Hong Kong.
Launched in 2018, Sygnum recently secured $40 million in funding and now manages $4.5 billion in assets. Its strategic expansion in Europe and Asia underscores its long-term growth ambitions.
