Digital bank Sygnum opens a branch in Abu Dhabi

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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 working with cryptocurrencies.

A Sygnum representative said that the bank intendsto expand its activities in the Middle East, so the decision was made to open a new office in ADGM, the international financial center of the United Arab Emirates. Sygnum's offerings will be targeted at high-net-worth clients willing to make high-risk investments. Sygnum had planned to enter the Middle East back in October 2022, when it received ADGM approval to operate in the country.

“35% of UAE citizens have already invested in more than1,400 local cryptocurrency organizations worth $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,” Sygnum hopes.

Head of Market Development Department ADGMArvind Ramamurthy noted that Sygnum's regulated activities in Abu Dhabi will significantly accelerate the development of cryptocurrency 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 to enable the growth of cryptocurrency companies in the UAE.

In 2021, Sygnum became the first regulated bank to integrate the Ethereum 2.0 staking feature. Previously, the bank launched custodial services for ICP tokens of the DFINITY project.