The Swiss digital asset bank launches banking services for DeFi tokens, including Uniswap, Aave, 1inch and Maker
Zurich-based digital asset bank Sygnum announced yesterday that it will provide institutional access to a range of decentralized financial tokens (DeFi) as part of its mission to bridge the gap between DeFi and centralized funding.
Sygnum believes the DeFi sector is vital to the future of finance, as evidenced by the increase in Total Value Locked (TVL) in DeFi from $ 1 billion a year ago to $ 60 billion now.
As such, Sygnum will introduce banking services for DeFi tokens that have seen strong market traction over the past year, namely Uniswap (UNI), Aave (AAVE), 1inch (1INCH), Maker (MKR), Curve (CRV), Synthetix (SNX) ) and Aragon (ANT). The bank will also handle the custody and trading of the USDC stablecoin.
“The innovations in DeFi have the potential to change many of the existing traditional use cases in the financial industry“, Explained the business area manager of Sygnum, Thomas Eichenberger. “They also offer opportunities to build and create new, cutting-edge products and services in the field of digital assets that offer our customers very attractive return profiles, especially in a persistently low interest rate environment. “
Sygnum sees even greater prospects for DeFi applications in the future as the Ethereum 2.0 upgrade will significantly increase their scalability and value.
Initially, Sygnum will offer a range of banking services for direct DeFi investments such as trading, transfer and custody on an institutional level. DeFi revenue products and services will be launched at a later date.
Curve CEO Michael Egorov commented: “I am delighted that Curve Finance has been recognized by Sygnum. With this, Sygnum is pioneering a bridge between traditional and decentralized finance, and I am sure that there will be even more such bridges in the future – the future in which DeFi is driving a new financial system: modern, secure and efficient. “
Sygnum will also develop bespoke DeFi solutions for institutional and private qualified clients by working with leading DeFi protocols. The bank wants to make the world of DeFi convenient, trustworthy and bankable by integrating these products and services with cryptocurrencies, asset tokens, major national currencies and a digital CHF – all in one account.