By Nathan Ferguson
Sygnum Singapore, a branch of Sygnum (a crypto bank based in Switzerland), is broadening its services following its authorization from the native authorities. The firm declared that in-principle approval has been secured by Sygnum Singapore from the MAS (Monetary Authority of Singapore) to provide three more regulated operations under CMS (capital markets services) license. This license was firstly approved during 2019, permitting Sygnum Singapore to execute management operations.
The unique approval expands Sygnym Singapore to offer exclusive instruments such as the provision of advisory services related to corporate finance, digital assets, and the products associated with the tokenized market, as well as the provision of custodial services for security tokens as well as assets.
With the other regulated operations, Sygnum aims to provide a solution for tokenization across Singapore with the prioritized emphasis on fund units’ tokenization. The company particularly wants to begin with its exclusively initiated venture capital project called the SBI-Sygnum-Azimut Digital Asset Opportunity fund.
The upcoming products additionally take account of offering corporate finance consultancy to Web3-related venues and digital creators, along with operating on metaverse assets, NFTs (non-fungible tokens) as well as digital collectibles.
Sygnum is running its tokenization venue within Switzerland, enabling asset owners to offer tokens that represent several NFTs, digital assets, as well as traditional securities’ fractional ownership. A few of the NFT-themed tokenization activities of Sygnum take account of a CryptoPunk NFT as well as Picasso painting’s digital version.
On 3rd January of this year, Sygnum Bank stated that it had tokenized the non-fungible token named CryptoPunk 6808. As per the platform, the respective NFT would be made available for the clients of Sygnum to be traded within the same month on the company’s secondary market called SygnEX. The exclusive news is witnessed following the collection of nearly $90M on the behalf of Sygnym in its funding round of Series B. the valuation of the respective round has the firm at approximately $800M this January.
Before this very approval, the platform Sygnum Singapore was just permitted to provide the management operations thereof with the company’s CMS license. Nevertheless, the recent development has taken the venue to a new height as it would allure more investors. Sun Hung Kai & Co. (a Hong Kong-based alternative investing company) led the funding round and the investors like Meta Investments of Canada and Animoca Brands were the participants.