Sygnum Bank is using the proceeds of its latest funding round to tap into Abu Dhabi's growing crypto hub. It also appoints a new executive to open its office there.
Zurich-based Sygnum bank which bills itself as the world's first digital asset bank and the first Swiss bank to open a hub in the metaverse is expanding its global reach by expanding into Abu Dhabi, according to a statement Wednesday.
Earlier this year, the bank raised $90 million in a series B funding round and will use that to expand its operations into Abu Dhabi to tap the growth potential of one of the largest wealth and asset management pools in the world.
Preliminary Approval
Sygnum has in-principle approval from the Abu Dhabi Global Market’s (ADGM) Financial Services Regulatory Authority (FSRA). The new hub will serve the local market with a crypto-native suite of digital asset banking, asset management, tokenization, and B2B banking services regulated by FINMA in Switzerland. Target clients range from blockchain firms moving to the UAE to existing local crypto foundations and projects to traditional institutional investors and HNWI looking for trusted crypto-asset exposure through a regulated partner, Sygnum said
In announcing the move, Sygnum CEO Mathias Imbach said «international expansion into the Abu Dhabi crypto hub gives us access to one of the biggest global wealth and asset management pools. It also gives us new opportunities to showcase the value of investing in crypto with complete trust to the local community, clients, and partners.»
New Senior Executive
To run the business, Sygnum appointed Giulia Finkbeiner-Berton, who according to her LinkedIn profile joined Sygnum last month. Before that, she was the director of EAM at Mirabaud (Middle East) Limited.
Growing Crypto Hub
The UAE is quickly becoming a global crypto hub and has the fifth-highest adoption at 34 percent, with annual transactions over $25 billion. With its Abu Dhabi hub, that is what Sygnum seeks to benefit from.
