Crypto-bank Sygnum Singapore is expanding its services after receiving new regulatory approval from local authorities.
Sygnum Singapore Obtains Principal Approval
The company oneannouncement On Tuesday, Sygnum Singapore received approval in principle from the Monetary Authority of Singapore (MAS) to offer three additional regulated businesses. This expands Sygnum Singapore’s capabilities to include new tools such as corporate finance advisory, management of capital market products and tokenized digital assets, and offering custodial services for securities tokens .
With the additional regulated activities, Sygnum plans to bring its tokenization solution to Singapore. Specifically, the company plans to tokenize its new venture capital fund, the SBI-Sygnum-Azimut Digital Asset Opportunity Fund. Future projects also include advising Web3 platforms and digital creators on corporate finance, as well as work on non-fungible tokens (NFTs) and metaverse assets.
The bank offers similar services in Switzerland
Sygnum is known for being the first bank to allow its customers to stake Ether and has since expanded its operations in Switzerland. Currently, it allows asset holders to issue tokens that represent fractional ownership of various traditional securities, digital assets, and NFTs. Sygnum’s NFT-inspired tokenization works include a digitized Picasso painting and a CryptoPunk NFT.
The news comes shortly after Sygnum raised $90 million in a Series B funding round, valuing the company at $800 million in early January 2022. The funding round was led by the Hong Kong-based investment Sun Hung Kai & Co. and also included investors such as Animoca. Brands and Meta Investments based in Canada.