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Sygnum to Introduce DeFi Banking Services Including Those for Aave and Uniswap

UTC by Juhi Mirza · 3 min read
Sygnum to Introduce DeFi Banking Services Including Those for Aave and Uniswap
Photo: Depositphotos

Sygnum’s decision to embrace the DeFi token services has received a cordial response from the authorities and users.

The Swiss bank Sygnum will be playing a crucial role in providing custody and trading services for DeFi tokens in a range of available crypto assets.

Defi tokens can be defined as a sector of crypto that works and recreates the traditional finance transactions with minimum to no intermediary intervention. In an official announcement made by the bank, Sygnum will also be hosting a variety of banking services such as Aave (AAVE), Curve (CRV), Synthesis (SNX), Maker (MKX), Aragon (ANT), and 1inch (1INCH). Sygnum will also be providing custody for stablecoin USD coins for trading purposes.

The bank also clarified that the DeFi services will be conducted in a phased manner and will adhere to the financial guidelines of the nation. Through these services, the customers will be able to invest directly in Defi token trading, and the bank will also formulate custom solutions partnering with DeFi associations to make this move more comprehensive and well-structured. Sygnum’s Defi services will be embedded with the national currencies, along with crypto, Swiss asset Franc and asset tokens in a single bank account to facilitate a hassle-free process for the interested consumers.

Sygnum DeFi Token Move to Transform the Existing Finance Structure of Switzerland

Sygnum’s decision to embrace the DeFi token services has received a cordial response from the authorities and people. Sygnum’s head of business unit Thomas Eichenberger has openly regarded the move to be a revolutionary one that will contribute significantly to the current financial hierarchy of the country.

The CEO of the Bank Michael Egorow has issued statements on how Sygnum has become a global example in pioneering the gap between traditional and generalization of finance. It is to be noted that the news has come in the light of the recent Ethereum fall that was documented as a severe blow in decentralized finance trading. The news of the DeFi token being accepted as a valid digital currency is a welcoming boost to all the investors and crypto miners of the region.

Sygnum’s Decision of Granting DeFi Token Trading Receives Positive Response

The introduction of new DeFi token trading in the region has been hailed as an evolutionary approach in conducting finance dealings in the country. The nation had previously witnessed a sharp decline in Ethereum transactions in the crypto market. The decline was regarded as one of the most significant falls to be documented in the history of crypto agreements in the country, which was the primary cause why investors were lacking faith in the decentralized digital currency structure. 

With this added facility, the DeFi token trading by sygnum had made the investors and crypto enthusiasts thrilled about the recent development and restored their dedication in trading and mining crypto with ease and adequate security.

As the prices of Bitcoin crossed over US$ 40000, the prices of DeFi tokens are also bound to increase showing the stark susceptibility of the DeFi tokens in correlation to rising Bitcoin prices which will also play a major role in anchoring DeFi token pricing in the long run.

Altcoin News, Blockchain News, Cryptocurrency news, News
Juhi Mirza
Author Juhi Mirza

Juhi Mirza is an archaeology major who is obsessive about blockchain/Crypto technology and deems it to be the foundational philosophy of the future. Her dogged ability to research and crystallise technical facts/multiple perspectives into rivetting stories makes her an accessible finance writer. She tends to her archaeological pursuits and loves unearthing the past over the weekends.

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