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Swiss digital bank Sygnum has launched a branch in the Abu Dhabi Global Market (ADGM) to serve companies and wealthy clients dealing with cryptocurrencies.
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A representative of Sygnum said that the bank intends toto expand its activities in the Middle East, therefore, it was decided to open a new office in ADGM, the international financial center of the United Arab Emirates. Sygnum's offerings will target high net worth clients who are willing to invest with a high level of risk. Sygnum planned to enter the Middle East as early as October 2022, when it received ADGM permission to operate in the country.
“35% of UAE citizens have already invested in more than 1400local cryptocurrency organizations for $25 billion. Therefore, we are confident that Abu Dhabi will become a regional and international center for the development of projects working with Web3, metaverses and blockchain,” they hope in Sygnum.
Head of Market Development ADGM ArvindArvind Ramamurthy noted that Sygnum's regulated activities in Abu Dhabi will significantly accelerate the development of crypto-currency innovation in the region. In turn, as the largest regulated jurisdiction for digital assets in the Middle East and North Africa (MENA), ADGM is ready to implement tools that ensure the growth of cryptocurrency companies in the UAE.
In 2021, Sygnum became the first regulated bank to integrate the Ethereum 2.0 staking feature. Earlier, the bank launched custodial services for ICP tokens of the DFINITY project.