Sygnum Bank to Offer Custody Services for ICP Tokens

Jafrin  |  May 19, 2021

Swiss-regulated digital asset bank Sygnum is offering custody and banking services for Internet Computer (ICP)  tokens. Holders of ICP tokens will now be able to deposit their tokens with the bank’s institutional-grade segregated wallets.

Sygnum Bank Launching Custody Services for ICP Tokens

Switzerland-based cryptocurrency bank Sygnum is launching custody and banking services for Internet Computer (ICP) utility tokens, becoming the first bank to do so.

ICP holders will be now able to deposit their tokens with Sygnum, followed by the rollout of 24/7 spot trading, options trading, and loans against ICP holdings in the near future.

The bank also expects to offer Sygnum Lombard loans for ICP at a later date, allowing clients to access liquidity against ICP token holdings.

Incubated and launched by Dfinity, a Zurich-based nonprofit scientific research organization, Internet Computer is a blockchain project aimed at offering smart contract functionality at internet speed, creating a decentralized global computer based on its own ICP protocol.

In the announcement release, Manuel Krieger, Co-Founder, and member of Sygnum Bank’s Board of Directors, said:

“We believe that the decentralized and open nature of the Internet Computer will spark a wave of innovation across internet services, software platforms, and user experiences. Our active involvement reflects the open values of our company and our commitment to realizing the trusted, secure, and efficient digital asset ecosystem we call Future Finance.”

ICP Most Disruptive Tech After Bitcoin, Ethereum

According to Dominic Williams, Founder and Chief Scientist of the Dfinity Foundation, the ICP is the third most disruptive technology in the blockchain industry after Bitcoin and Ethereum, adding:

“It supports smart contract software that can run at web speed and serve web to users for the first time, and a network that can scale its compute capacity with user demand, greatly increasing the potential applications of a public blockchain.”

Despite ICP token the receiving much-needed support from Sygnum bank, the cryptocurrency was down by approximately 29.5% in the past 24-hours and is currently trading around $142.

With over 469,213,710 circulating supply of ICP tokens, the cryptocurrency's fully diluted valuation stands at $66,231,773,479.

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