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Swiss Crypto Bank Sygnum Achieves Profitability Amid Rapid Growth

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Swiss-based crypto bank Sygnum has achieved profitability in the first half of 2024, marking a significant milestone in the digital asset industry. The bank’s success is attributed to robust growth across its core business segments, including custody, trading, and lending services. With assets under administration surpassing $4 billion, Sygnum caters to clients from over 60 … Read more

Hong Kong Partners With Swiss Crypto Valley

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Invest Hong Kong, the government department responsible for attracting foreign direct investment and the Crypto Valley Association (CVA) of Zug, Switzerland, have signed a Memorandum of Understanding (MoU) to bolster the fintech ecosystems of both regions. The agreement, signed on June 6, 2024, aims to enhance collaboration, particularly in blockchain and cryptographic technologies. It also … Read more

Systemic Swiss Banks Not Ready for Crisis, Regulator Says

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Switzerland’s financial regulator is not satisfied with the emergency plans of two of the Alpine nation’s five major banks. The assessment refers to a period prior to the rescue of Credit Suisse by UBS when the authority viewed the troubled giant’s preparedness in positive terms. 2 Swiss Banks Unable to Implement Recovery Plans, Finma Finds … Read more

Swiss State-Owned Banking Giant Postfinance to Offer Crypto Services

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Postfinance, one of Switzerland’s largest retail banks, will offer customers access to major cryptocurrencies and related services. The state-owned financial institution will be using the banking platform developed by the Swiss-licensed digital asset bank Sygnum. Postfinance Partners With Sygnum to Provide Digital Asset Products and Services The financial services unit of the national postal service … Read more

Credit Suisse, UBS, Other Banks Facing Russia Sanctions Probe in US, Report

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Switzerland’s troubled Credit Suisse and its rescuer, USB, are subject to an investigation into whether bankers helped Russian oligarchs evade Western sanctions, according to a media report. Some major U.S. banking institutions are also under scrutiny within the probe initiated by the Justice Department, sources say. Credit Suisse, US Banks Investigated for Suspected Sanctions Violations … Read more

UBS Considers Acquiring Credit Suisse, Requests Government Backstop in Deal

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After Credit Suisse Group AG announced it would borrow 50 billion Swiss francs from the Swiss National Bank, UBS Group AG is reportedly considering acquiring the banking giant. However, UBS is requesting that the government issue a backstop to protect against any losses if it purchases Credit Suisse. According to unnamed sources familiar with the … Read more

Germany’s DZ Bank to Offer Crypto Custody With Swiss Firm Metaco

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The second-largest bank in Germany, DZ Bank, is preparing to become a provider of custody services for crypto assets. The offering will be facilitated by a partnership with Metaco, a Swiss company that specializes in helping financial institutions to operate in the digital asset space. DZ Bank to Use Metaco’s Harmonize Platform to Launch Crypto … Read more

Swiss Crypto Company Taurus Raises $65 Million From Credit Suisse, Other Banks

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Digital asset infrastructure provider Taurus has secured millions of U.S. dollars in investment from major banking institutions. The successful funding round comes in the aftermath of negative developments in the crypto space, indicating that large players from traditional finance remain engaged with the market despite its woes. Credit Suisse, Deutsche Bank Invest in Digital Asset … Read more

Switzerland Less Affected by Crypto Industry Crisis, Study Finds

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While the global industry built around digital assets is losing funds and jobs are dropping off, Switzerland seems to be weathering the storm relatively well, one piece of research claims. In fact, more crypto companies settled in the country during the past turbulent year than those that left it, or the business altogether. Crypto Valley … Read more