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Despite the ICP token receiving much-needed support from Sygnum bank, its price is going down.
Swiss-regulated digital asset bank Sygnum has announced the support of Internet Computer Tokens (ICP) that include custodian services. Consequently, Sygnum became the first regulated bank to support the Dfinity Foundation’s quest to decentralize the internet.
In a note through a press release, Manuel Krieger, Co-Founder and member of Sygnum Bank’s Board of Directors, indicated that internet decentralization is a key step to reinstating sanity in the market. “We believe that the decentralized and open nature of the Internet Computer will spark a wave of innovation across internet services, software platforms, and user experiences. Our active involvement reflects the open values of our company and our commitment to realizing the trusted, secure, and efficient digital asset ecosystem we call Future Finance,” said Krieger.
ICP Project and Sygnum Bank
According to Dominic Williams, Founder and Chief Scientist of the Dfinity Foundation, the ICP project is the third most disruptive technology in the blockchain industry after Bitcoin and Ethereum. “It supports smart contract software that can run at web speed and serve web to users for the first time, and a network that can scale its compute capacity with user demand, greatly increasing the potential applications of a public blockchain, and improving the reach of today’s blockchain ecosystem,” Williams noted.
Additionally, Williams said that the Internet Computer is a show of Dfinity’s unwavering determination to change the world of the internet. Notably, the ICP project is focused on harnessing the power of blockchain technology, especially in the decentralized financial ecosystem.
Despite the ICP token receiving much-needed support from Sygnum bank, the market price was down approximately 16.1% in the past 24-hours and trading around $177.02 according to CoinGecko. There are 469,213,710 units of ICP tokens that were minted by the Dfinity foundation, thus having a fully diluted valuation of $83,862,410,683 according to analytics provided by Coinmarketcap. Interestingly, it is ranked among the top 10 by market capitalization holding at position 9.
After Dfinity launched the project earlier this month, ICP tokens experienced high volatility, whereby they traded as high as $737.20. Other notable crypto institutions that have supported Dfinity’s ICP project include Binance, Huobi Global, OKEx, Coinbase Pro, and XT.COM.
However, the asset has since subsided in volatility significantly in the past few days. Mostly due to the inclusion of more liquidity and more token sale to the public investors via various exchanges.
The crypto bank Sygnum has in the recent past made notable moves in the blockchain industry. At the end of last week, the bank announced a yield product based on its stablecoin, DCHF.