Prior to the latest permission, Sygnum Singapore could only provide asset management services through its CMS licence.
Sygnum Singapore, a subsidiary of Swiss cryptocurrency bank Sygnum, is expanding its services following regulatory authorisation from local authorities.
Sygnum Singapore stated Tuesday that it has acquired preliminary clearance from the Singapore Monetary Authority (MAS) to offer three more regulated activities under its capital markets services (CMS) licence. Sygnum Singapore was given the CMS licence in 2019, allowing them to execute asset management activities.
Sygnum Singapore’s recent regulatory licence in theory expands its capabilities to include corporate finance consulting services, dealing with tokenized capital market products and digital assets, as well as custodial services for asset and security tokens.
Sygnum intends to offer its tokenization solution in Singapore through the addition of regulated activities, with an initial focus on the tokenization of fund units. The firm wants to begin with the opening of its newly formed venture capital fund, the SBI-Sygnum-Azimut Digital Asset Opportunity fund. Future projects include advising Web3 platforms and digital producers on corporate financial matters, as well as working on digital collectibles, non-fungible tokens (NFTs), and metaverse assets.
In Switzerland, Sygnum operates its own tokenization platform, which enables asset owners to issue tokens reflecting fractional ownership of a variety of traditional securities, digital assets, and non-fungible tokens. Among Sygnum’s tokenization works inspired by NFTs are a digitised Picasso painting and a CryptoPunk NFT.
Sygnum Bank has tokenized the blue-chip #NFT #CryptoPunk 6808 and will make it available for #trading to Sygnum clients on our secondary market, SygnEX, in January 2022.
Blue-chip #NFT #CryptoPunk 6808 has been tokenized by Sygnum Bank and will be available for #trade for Sygnum clients from January 2022 on our secondary market, SygnEX.
Read more about the first #crypto punk with her own bank in our recent blog post 👇🏻 https://t.co/xVrWUGpfXu pic.twitter.com/ThZrWp1Frj
— Sygnum Bank (@sygnumofficial) January 3, 2022
The latest report comes shortly after Sygnum raised $90 million in a Series B investment round in early January 2022, valuing the company at $800 million. Sun Hung Kai & Co. of Hong Kong led the raise, which also included investors such as Animoca Brands and Canada’s Meta Investments.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.