Swiss Digital Asset Bank Sygnum Secures In-Principle Approval From ADGM
Sygnum, the world’s first digital asset bank and first Swiss bank to open a hub in the metaverse, has been leveraging its oversubscribed USD 90m Series B to expand internationally into Abu Dhabi’s high-growth crypto-hub.
In fact, Sygnum has received an in-principle approval from the Abu Dhabi Global Market’s (ADGM) Financial Services Regulatory Authority (FSRA). Sygnum’s new Middle-East hub will serve the local market with a crypto-native suite of digital asset banking, asset management, tokenization and B2B banking services regulated by FINMA in Switzerland.
Target clients will range from blockchain firms moving to the UAE for its well-regulated crypto environment to existing local crypto foundations and projects to “traditional” institutional investors and HNWI looking for trusted crypto asset exposure through a regulated partner.
Sygnum’s designated UAE Senior Executive Officer Giulia Finkbeiner-Bertoni says “I am excited to join the global Sygnum team and introduce our vision for Future Finance to the Abu Dhabi financial community. I believe that Sygnum’s core value of trust and its ability to build relationships will be an asset for years to come in this region.”
The UAE is fast becoming a global crypto hub, with the fifth-highest global crypto adoption at 34 per cent and annual transactions of more than USD 25bn. Sygnum’s Abu Dhabi license and local presence will enable direct access to its established wealth management market, supportive government and clear regulatory framework – as well as the opportunity to pioneer regulated crypto services in the region.
Arvind Ramamurthy, Chief of Markets at ADGM, said: “ADGM is pleased that Sygnum has been awarded an In-principle approval by the FSRA. We look forward to supporting them in expanding their presence in Abu Dhabi and the wider region. ADGM is the largest regulated jurisdiction of digital assets in the Middle East and North Africa region and acts as a catalyst for the growth of the financial sector in the capital emirate. We firmly believe in the value-add that companies like Sygnum bring to our vibrant community. With a focus on bolstering the economic growth of Abu Dhabi and upholding the transparency and integrity of the marketplace, Sygnum’s presence in the region supports our ongoing commitment to Abu Dhabi and the UAE, attracting global companies that truly make it an international financial hub to conduct business seamlessly.”
