Crypto bank Sygnum has set out to tap into the European market from Luxembourg. But the first customer there comes from the Iberian Peninsula.
Even amid the deep «crypto winter,» Europe's digital token and coin industry is estimated to be $1 trillion. To tap into that potential, Swiss-Singapore-based crypto bank Sygnum started operations in Luxembourg in December, as finews.com reported. It has now landed its first European B2B customer, partnering with Bison Digital Assets in Portugal, according to a statement.
Portugal's Thriving Crypto Hub
This is the first service provider approved by Portugal's central bank Banco de Portugal with what is known as a virtual asset service provider (VASP). The fintech is in turn owned by the domestic Bison Bank. The collaboration is designed to enable the partner firm's end customers to trade and securely store popular cryptocurrencies such as bitcoin or ether. Globally, Sygnum already offers such capabilities as a white label service to 15 banks, which distribute the offering under their brand.
Sygnum's first European customer coming from Portugal rather than the financial capitals of Frankfurt, Paris, or Amsterdam is probably no coincidence. Thanks to a favorable regulatory environment and a relatively low-cost labor force, Portugal has developed into a thriving crypto hub in recent years, as was also underscored by the Swiss consulting and venture firm CV VC.
