The merger of cryptocurrencies and conventional finance has come a step closer to reality.
The co-founders of Sygnum crypto bank have hailed the award of a Swiss banking license as a game changer that could open the floodgates to the integration of cryptocurrencies and other digital assets into the established financial sector.
Sygnum, along with SEBA, were awarded provisional banking and securities dealer licenses by Switzerland’s financial regulator on Monday. Both entities will become fully-fledged banks once they have completed some final routine regulatory hurdles.
“This is the first time such licenses have been granted worldwide, so Switzerland is playing a pioneering role,” Manuel Krieger, CEO of Sygnum Switzerland, told swissinfo.ch. He also thinks the early movers will encourage others to take the plunge. “We now have a responsibility as an enabling platform to help banks and other financial players make the step into the digital asset world.”
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