This Swiss company could save the crypto industry

Conflicts with the authorities in the USA are currently causing difficulties for the still young industry. Now a Swiss company is emerging that could rescue the crypto industry from its current woes. Zurich-based Sygnum Bank provides in-demand services.

Crypto industry suffers from state attacks

Over the past few years, the US-based Silvergate Bank has played an important role in the crypto industry. As a partner of many crypto exchanges, it handles transactions between crypto and fiat currencies.

In March, information about the possible demise of Silvergate leaked to the public. Shortly before that, the bank had several crypto exchanges quit as the Silvergate Exchange Network (SEN) was put on hold by the company that operated behind the scenes of many major crypto exchanges.

However, the search for alternatives is difficult for many companies. More and more crypto exchanges are at least partially halting the transfer between fiat and crypto as they cannot find a way to facilitate settlement.

The New York Signature Bank wanted to jump into this breach. In the course of the banking crisis, which took place in the USA in March, the banking house was unexpectedly broken up by the US authorities. The management of the company believes in a political issue .

Mainly because of the current attacks by the US authorities on the crypto industry, banks do not dare to work with crypto exchanges. There are hardly any financial institutions that would like to follow in the footsteps of Silvergate Bank.

Swiss Sygnum Bank could save crypto

This is where the Swiss Sygnum Bank comes into play. It was recently reported that the Zurich-based company entered into a prestigious partnership with PostFinance.

In the context of the banking crisis, many companies in the industry are turning to Sygnum, as a spokeswoman told BTC-Echo.

In the past few weeks we have seen a significant increase in onboarding requests as a result of current events in the banking industry.

Runs Private Client Advisor Nayana Talwar. As a result, March 2023 was already one of the strongest months Sygnum has seen since its inception in 2018. Active efforts are being made to get new customers on board quickly. However, various regulatory requirements must be observed.

We will continue to empower our clients and partners to invest in the digital currency economy with complete confidence.

Points out Talwar. The number of companies that have partnered with Silvergate and Signature is in the thousands. Sygnum is so interesting for all these companies because the necessary licenses are available both in Switzerland and in the United Arab Emirates.

The regulatory certainty is therefore given. Switzerland already looks back on several years of crypto-friendly policies, especially in Zug and increasingly also in Lugano . So far there have been no signs of taking a similarly critical stance as the USA.