The Swiss crypto bank with a presence in Singapore plans to make decentralized finance, DeFi, something in which professional investors can become involved.
Sygnum has launched regulated banking services for leading decentralized finance (DeFi) tokens, Aave, Aragon, Curve, Maker, Synthetix, Uniswap and 1inch Network as well as banking services for the stable coin USDC, the Switzerland-based crypto bank said in a statement on Tuesday.
Leap in Value
«This significant expansion of Sygnum’s token offering marks the first milestone in Sygnum’s ambition to bridge centralized and decentralized finance (DeFi),» the bank said in a press release.
Total value locked in DeFi applications had surged to $60 billion now from $1 billion a year ago, Sygnum said, citing the Defi Pulse website.
The bank added that its clients would be able to invest directly in these tokens and access a full suite of banking services including institutional-grade custody, transfer and trading services. Later on, it would offer a suite of DeFi yield-generating products and services across its banking as well as asset management offering, and develop custom solutions for its clients with selected DeFi partners.
Democratization Long-term Goal
Using tokens (digitized equity) investors don’t have to wait for an initial public offering to take stakes in DeFi projects and companies.
DeFi's long-term goal is to democratize finance by making financial services universally available by using blockchain and removing intermediaries. The hope is this will cut fees dramatically. There is no shortage of projects, but it remains to be seen whether DeFi tokens become something for speculators to chase like Bitcoin in particular did.
