Sygnum Unveils Sygnum Connect Network For 24/7 Multi-Asset Instant Settlements
In Brief
Sygnum released Sygnum Connect to facilitate transaction settlement with fiat and digital assets for institutional investors, LPs, and more.
Cryptocurrency bank Sygnum unveiled the release of Sygnum Connect, a round-the-clock multi-asset instant settlement network whose goal is to fulfill the demand for a product that offers capital efficiency and on-demand liquidity needed for the evolution of the digital asset ecosystem.
The new network will facilitate the settlement of transactions involving fiat, digital assets, and stablecoins for institutional investors, liquidity providers, stablecoin issuers, brokers, and exchanges.
Its members will gain exposure to USD, EUR, CHF, and SGD fiat payments, while payments for a variety of digital assets encompassing BTC, ETH, and stablecoins will be incorporated later this year. Additionally, the network scope is set to broaden with the introduction of add-on services such as delivery-vs-payment transactions, on-demand Lombard loans, FX conversions, and stablecoin minting and redemption.
Initially, Sygnum Connect had a linkage to partner network, encompassing AsiaNext, Hidden Road, and B2C2, also offering connectivity to approximately two hundred global trading clients of Sygnum.
Sygnum Collaborates With Fidelity And Chainlink To Bring NAV Data To Blockchain
Sygnum functions as a digital asset banking group that provides opportunities for investors, banks, corporates, and DLT foundations to invest in digital assets. In January, Sygnum concluded a $40 million funding round, valuing the firm at $900 million. The newly acquired capital is earmarked for expanding its offerings into new markets across Europe and Asia. Notably, since its last funding round in 2022, the bank’s assets under management have increased to $4 billion, serving 1,700 clients from over 60 countries.
Recently, Sygnum has entered into a collaboration with Fidelity International and the decentralized computing platform Chainlink to jointly create a project intended to bring net asset value (NAV) data onto the blockchain. The partnership will improve transparency and accessibility for NAV data associated with tokenized assets.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
