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Sygnum to offer banking services to Aave, Uniswap, and other DeFi tokens 

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Switzerland-based digital asset Bank, Sygnum has launched institutional-grade custody and trading services for Aave and Uniswap, among other decentralized finance [DeFi] tokens. Interest and demand for decentralized tokens have been growing over the past year and the bank seems to be leveraging this interest to serve its clients.

According to the announcement, the banks will launch regulated banking services for Aragon [ANT], Curve [CRV], Maker [MKR], Synthetix [SNX], 1inch [1INCH] along with Aave [AAVE] and Uniswap [UNI]. Additionally, it will also provide trading and custody for USD coin [USDC].

At first, the users will be able to directly invest in these tokens and use institutional-grade custody, transfer, and trading services. However, going forward the digital asset bank will offer a suite of DeFi yield-generating products and services across its banking as well as asset management offering. It revealed to launch “custom solutions” with DeFi partners.

Head of Business Units at Sygnum Bank, Thomas Eichenberger stated:

“The innovations in the DeFi space have the potential to transform many of the existing traditional use cases in the financial industry. They also offer opportunities to build and create new, cutting-edge digital asset products and services offering very attractive return profiles for our clients, especially in a continued low interest environment.”

The total value locked in DeFi has hit $60 billion already and it is expected to grow further. However, in May the trading volume and transaction number took a large dip. But this dip brought low fees and interest back. As Bitcoin held to a value close to $40,000 DeFi tokens have also been marching, often returning higher profits than the largest crypto.

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Namrata is a full-time journalist at AMBCrypto covering the US and Indian market. A graduate in Mass communication, while majoring in Journalism, she writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.

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