Swiss bank Sygnum has entered the crypto brokerage market to meet the growing demand from institutional investors in developing markets. The company recently obtained a license from the Monetary Authority of Singapore to provide institutional trading and custody services for crypto assets. Sygnum noticed an increase in demand for brokerage services from institutions following the failures of US banks Silvergate Capital and Signature Bank. The company reported record deposits of Swiss francs amounting to $3.3 billion. Sygnum will offer brokerage and custody services for digital assets, matching buy and sell orders through its counterparty Sygnum Bank in Switzerland. The crypto brokerage will not handle fiat on and off-ramps. Deutsche Bank has also filed an application with German watchdog BaFin to offer tokenized investments, which are faster and more efficient than traditional payment systems. Citigroup predicts that the market for tokenized assets will increase significantly by 2030. Wall Street firms such as BlackRock, Charles Schwab, and WisdomTree have applied to launch Bitcoin exchange-traded funds, resulting in a surge in the price of Bitcoin. Developing nations like Pakistan and Nigeria have seen the benefits of the increasing Bitcoin price, with workers changing their salaries to stablecoins to preserve their value. However, higher institutional participation could also improve Bitcoin’s market depth and stability. In Nigeria, incoming President Bola Tinubu plans to ease the country’s complex exchange rate policy, and Bitcoin could help citizens navigate the currency devaluation and inflation.
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