Sygnum Connect will focus on enhancing capital efficiency and on-demand liquidity for institutional market participants in Sygnum’s European and Asian home markets.
Sygnum, a global digital asset banking group, has launched Sygnum Connect, a 24/7 multi-asset instant settlement network. The network settles fiat, digital assets and stablecoin transactions for institutional investors, liquidity providers, stablecoin issuers, brokers and selected exchanges.
Sygnum Connect aims to fill the industry gap that calls for a solution that delivers capital efficiency, on-demand liquidity and institutional-grade standards. Network members have access to instant USD, EUR, CHF and SGD fiat settlements, with settlements for a wide range of digital assets like Bitcoin, Ethereum and stablecoins slated for addition in Q3 2024.
The network’s scope is further expanded by a range of add-on services such as simultaneous delivery-
vs-payment transactions, on-demand Lombard loans, FX conversions, plus stablecoin minting and redemption.
Thomas Eichenberger, Chief Product Officer at Sygnum Bank, says, “Sygnum Connect solves an important piece of the settlement puzzle by making transactions between participants in the global crypto ecosystem faster, cheaper, less risky and more reliable. Sygnum Connect is making a significant contribution to traditional financial system connectivity by empowering professional and institutional market participants to invest and transact in the digital asset economy with complete trust.”
This launch coincides with a potential institutional adoption inflection point, driven by factors like Bitcoin spot ETFs, rising stablecoin flows and Tier 1 asset managers moving more of their assets on-chain.
Fireblocks, a digital asset infrastructure provider with over 1,800 institutional clients, will fully integrate the Sygnum Connect network into their platform in Q3 2024. This will enable network members, who are also direct Fireblocks users, to access fiat settlements through the Fireblocks Network, significantly expanding and simplify network access.
Ran Goldi, Senior Vice President, Payments and Network at Fireblocks, says, “By integrating Sygnum Connect, Fireblocks Network users will be able to transfer fiat currencies between each other in real-time, 24/7, eliminating the need to wait for settlements to clear with counterparties and providing greater capital efficiency for network participants.”
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