SINGAPORE, Sept 24, 2019 - (ACN Newswire) - Twenty days after becoming the world's first digital asset bank, Sygnum announces that it has digitally onboarded its first customers and banked its first digital assets, bitcoin and ethereum. Sygnum's new operational status is a major landmark as it represents a concrete first step towards the mainstream adoption of digital assets into regulated finance.
On September 18th 2019, Sygnum's first customer transactions were publicly recorded on the two most important public blockchains, Bitcoin and Ethereum. With this, Sygnum has proven that digital assets are bankable, can be managed in a convenient, non-technical way in one account, and that its customers can invest in the digital asset economy with complete trust.
"Being able to entrust your bitcoin and ethereum, and soon also a digital CHF token as well as other asset tokens, to a regulated Swiss bank is no longer an aspiration; with Sygnum it's now a reality - and all in one account", states Mathias Imbach, Sygnum Co-Founder and CEO Singapore.
Earlier in the day, Sygnum's customers verified their identities by presenting their documents to a customer services agent over a secure video-link. Their digital assets were digitally onboarded using Sygnum's proprietary digital asset Anti-Money Laundering (AML) solution, which meets institutional standards of regulatory compliance. It combines proven, traditional AML techniques with tools leveraging the inherent transparency and immutability of blockchain, with each transaction undergoing a risk classification, customer-related identifications and a risk analysis of the source and destination. Sygnum's digital asset AML solution is also bolstered by a three-level internal review process and a future-proof modular system that anticipates market and technology trends.
These digital assets are not held in collective wallets, but in personalised, segregated wallets with institutional-grade security. These are accessed via an easy to use e-banking portal with state-of-the-art security features. Sygnum's solution also manages the private keys within its secure, regulated infrastructure, eliminating the need for customers to interact with their private keys directly.
"We must be laser-focused on what our customers want and provide that bridge connecting the world of regulated banking with the future of finance with digital assets", Imbach added.
Sygnum received its Swiss conditional banking licence on August 26th 2019, and became the world's first digital asset bank days later on August 30th when it fulfilled all secondary criteria and its licence gained full legal force.
Sygnum is the world's first digital asset bank. With its Swiss banking licence, Sygnum empowers institutional and private qualified investors, corporates, banks and other financial institutions to invest in the digital asset economy with complete trust. The company is the first to offer an independently controlled, scalable and future proof regulated digital asset banking solution. Sygnum's interdisciplinary team of banking, investment and Distributed Ledger Technology (DLT) experts is shaping the development of a trusted digital asset ecosystem. The company is founded on Swiss and Singapore banking heritage and operates globally. To learn more, please visit www.sygnum.com.
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This document was prepared by Sygnum Pte. Ltd. This document may contain forward looking statements and may be subject to change. The opinions expressed herein are those of Sygnum Pte. Ltd., its affiliates and partners at the time of writing. The document is for informational purposes only and contains general material. It is for use by the recipient only. It does not constitute any advice or recommendation, an offer or invitation by or on behalf of Sygnum Pte. Ltd. to purchase or sell assets or securities. It is not intended to be used as a general guide to investing and should be used for informational purposes only. When making an investment decision, you should either conduct your own research and analysis or seek advice from an expert to make a calculated decision. The information and analyses contained in this document have been compiled from sources believed to be reliable. However, Sygnum Pte. Ltd. makes no representation as to its reliability or completeness and disclaims all liability for losses arising from the use of this information.
Topic: Press release summary
Sectors: Investors/Exchanges, Cards/Payments, FinTech/Chains, Banking, Legal & Compliance
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