Sygnum Bank offers ICP custody services

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The Swiss cryptocurrency bank, based in Zurich, wants to offer its customers spot and option trading for ICP as well as custody services

Zurich – based Bank for Digital Assets Sygnum announced yesterday that it will be the first bank to offer custody and banking services for the Internet Computer Token (ICP).

The Internet computer, launched earlier this month by the DFINITY Foundation, is the world’s first web-speed blockchain. The Blockchain offers a limitless platform for Smart Contracts. It promises to reduce computing costs by millions or more, and can be used to build from distributed financial applications (DeFi) to token-based social media services for the mass market.

After Bitcoin and Ethereum, the Internet computer represents the third major innovation in the blockchain sector“, explained DFINITY founder Dominic Williams. „It supports smart contracts that run at web speed and allow users to deploy the web for the first time. It also improves the reach of today’s blockchain ecosystem and extends the application possibilities of public blockchain many times over, as it can scale its computing capacity with user demand.“

Sygnum revealed that she is a member of the Internet Computer Association (ICA), which provides governance and coordinates ecosystem participants. In addition, the bank operates specialized machine nodes in data centers throughout Switzerland that provide computing power to the Internet computer.

Manuel Krieger, co-founder of Sygnum commented: „We believe that the decentralized and open nature of the Internet computer will trigger a wave of innovation in Internet services, software platforms and user experience. Our active involvement reflects our company’s open values and commitment to realizing Future Finance, a trusted, secure and efficient ecosystem for digital assets.

Sygnum stores its customers ‘ ICP tokens in secure wallets before introducing banking services such as spot trading and Lombard loans for ICP. With the latter, your customers can receive liquidity against ICP-Token. In the future, the bank will also offer option trading for ICP.

The highly anticipated ICP tokens were distributed on May 10 this year and immediately listed on Coinbase, Huobi and OKEx. The following day, ICP traded on Binance at over 2,800 USDT. However, its price fell quickly and at the time of writing was 147 US dollars.