The Swiss-based bank Sygnum announced this week that the fintech company is storing digital assets with Taurus Group. On Friday, the bank also revealed that corporate customers approved by FINMA can use the Tezos network to buy XTZ and become shares.
Earlier this year, news.Bitcoin.com reported on some financial technology services in Switzerland, such as Sygnum, Arab Bank Switzerland, Falcon, Maerki Baumann, SEBA Bank, and other companies that have obtained banking licenses from the country’s Financial Market Supervisory Authority (FINMA) . In January, Swiss bank Julius Baer began to provide digital currency services together with SEBA Bank. In August, the company Basler Kantonalbank (BKB) revealed that its subsidiary Bank Cler now provides encryption services.
Sygnum Bank revealed this week that it is cooperating with Taurus Group, which also cooperates with SEBA Bank and other Swiss financial technology services. Sygnum introduced in detail the node system and encrypted storage framework that the company will use Taurus. According to the company’s portal, Taurus claims to provide “the safest, most compliant, and most reliable digital asset infrastructure and tools.”
In addition to the cooperation with Taurus, Sygnum Bank also announced that it will allow customers to purchase and mortgage coins from the Tezos network.
Sygnum said on Friday: “XTZ can deposit and mortgage for the first time in a regulated bank, enabling customers to participate in the Tezos network and earn up to 5% of the annual bet.” The bank plans to provide other services through various digital asset networks in the future. Mortgage services.
Martin Burgherr, chief customer officer of Sygnum Bank, said in the statement: “We are a strong supporter of Tezos and its unique Liquid-of-Stake governance mechanism, which is in line with our Sygnum values.” “Through XTZ mortgage, our customers can Access to unique assets, which can provide mortgage income and enable them to build their digital asset portfolio in a more creative way. Tezos is the first proof-of-stake (PoS) token on the Sygnum Bank platform, and we will be on the platform Shanghai continues to expand its product range to provide customers with more choices,” Burgherr added.
Sygnum was founded in 2018 by Gerald Goh, Luka Muller and Mathias Imbach. All digital assets of banks are screened through Sygnum’s proprietary AML tool. In addition, in order to maximize the storage of private keys, Sygnum’s key ceremony was audited by ISAE 3000. Sygnum customers can also use fiat currencies, such as USD, CHF, EUR, and SGD through Swiss Bank’s digital currency service platform.
The number of Swiss banking services that provide customers with digital currency products has increased significantly this year, and this trend is much higher compared to other countries. However, the U.S. Office of the Comptroller of Currency (OCC) now allows the U.S.-based Federal Reserve and National Bank to hold stablecoins.
Do you have any idea Sygnum cooperates with Taurus and provides staking services for Tezos? Tell us what you think in the comments section below.
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