Sygnum is a digital asset bank that primarily operates in Switzerland and Singapore. It has a Swiss banking license and a Singapore capital markets services license.
Sygnum announced on March 8th that it has secured approval from the Monetary Authority of Singapore to expand the repertoire of its services.
Sygnum Singapore has been operating in the country under a capital markets license and mainly offers fund management related to digital asset investments. With the new approvals, it will be able to offer three additional services in the country.
“These three additional activities that Sygnum will be able to conduct enables us to provide asset managers and Web3 players in Singapore a new, fully-regulated platform to raise capital and attract a wider investor base by leveraging blockchain technology.”
Sygnum co-founder and Singapore CEO Gerald Goh said.
Sygnum will now be able to offer companies that are looking to raise capital corporate finance advisory services. These include providing them technical expertise to tokenize capital markets products and digital assets, as well as legal and capital structuring advice related to digital assets.
It will also be able to provide accredited and institutional investors access to fully-regulated investment opportunities into digital assets and tokenized capital markets products. The approvals also enable it to offer custodial services for asset and security tokens.
“Professional investors today face several technological, regulatory and portfolio challenges when it comes to building exposure to cryptocurrencies, and digital assets more broadly, including NFTs and the emerging metaverse.”
Group CEO and co-founder Mathia Imbach said.
Tokenizing Picasso and CryptoPunk
Sygnum Bank currently operates a tokenization platform in Switzerland that allows its clients to issue tokens representing fractional ownership of digital assets, as well as traditional securities that are recorded on a blockchain.
The company tokenized an original Picasso painting — Fillette au béretn — in July 2021 and issued 4000 tokens representing partial ownership in the art piece valued at CHF 4 million. Essentially, Sygnum used blockchain to create “shares” in the painting in the form of tokens, which is then sold to investors. The painting is now owned by more than 50 investors.
Sygnum has also used its tokenization platform to similarly distribute the ownership of a CryptoPunk NFT in January 2022.