1Inch Exchange Partners With Sygnum Bank Offering Institutional Grade Custody and Regulation

Sygnum, a digital asset bank and specialist with global reach, has announced its intention to offer regulated banking services for several DeFi protocols and their tokens, including 1inch.

On June 15, news of a partnership between 1inch and Sygnum broke online. Sygnum customers will now be able to invest in a number of decentralized finance (DeFi) tokens. The team announced in a blog post on June 14. Sygnum customers will access DeFi tokens in parallel with traditional banking services, such as institutional-grade custody, transfer, and trading. 

Once these features have had the chance to embed, the company intends to roll out a further list of financial products, including DeFi yield-generating products and asset management solutions. Sygnum further plans to offer such solutions for its customers with the help of selected DeFi partners.

1Inch is among the first group of DeFi platforms to integrate with Sygnum: Source

More Than 1Inch

Besides 1Inch, a number of other DeFi protocols and services will be made available to Sygnum customers. 1Inch will be joined at the digital asset bank by Aave, Aragon, Curve, Maker, Synthetic and Uniswap. The bank will also offer custody and trading for the stablecoin USD Coin. 

Sygnum hopes to bridge the gap between centralized and decentralized banking in an industry undergoing significant growth. The total volume locked in the Ethereum ecosystem now sits at an impressive $60 billion. While some analysts choose not to look beyond Ethereum, it is not the only significant player in the DeFi market. On Binance Smart Chain, the total volume locked figure is $28 billion.

Significant value is locked in Binance Smart Chain | Source

Average users may find BSC more affordable and easy to use. Sygnum seems to be focused on Ethereum for now, placing hope in the rollout of ETH 2.0 to ease congestion and scalability issues.

According to Sygnum, “the scalability and value of these DeFi applications will be significantly boosted by the ongoing Ethereum 2.0 upgrade”.

Sergej Kunz, Co-Founder of 1inch Network, went on to add: “As Sygnum is a genuine trendsetter of the modern banking world, we believe this partnership will bring great value for both counterparts. For its private qualified and institutional clients, Sygnum becomes a convenient gateway to the enormous DeFi market with lots of new opportunities.”

Speaking about integrating these DeFi protocols, Thomas Eichenberger, Head of Business Units at Sygnum Bank, said: “The innovations in the DeFi space have the potential to transform many of the existing traditional use cases in the financial industry. They also offer opportunities to build and create new, cutting-edge digital asset products and services offering very attractive return profiles for our clients, especially in a continued low-interest environment.” 

Concluding Thoughts

The convergence of more traditional banking services and DeFi may offer customers greater flexibility and power in managing their finances. In focusing primarily on the Ethereum ecosystem, however, Sygnum may miss out on further growth opportunities.

For more information about how to get on to 1inch and start participating in the leading DEX aggregator on the BSC and Ethereum, BSC.news has its own BSC Tutorial: Trading on 1inch Using the Binance Smart Chain Network

Who is 1inch?

1inch, a decentralized exchange that provides the best rates by discovering the most efficient swapping routes across all leading decentralized exchanges (DEXes). 1INCH exists on both the Ethereum and Binance Smart Chain. Trading on 1inch utilizes liquidity across multiple exchanges to reduce slippage and provide users the best price available. 

Who is Sygnum?

Sygnum is the world’s first digital asset bank and built proudly on Swiss and Singapore heritage. Founded in 2018, The team uses its global reach to empowers qualified investors across many industries to invest wisely in digital assets. They use an experienced and interdisciplinary team backed by a distinguished group of individuals and institutions to invest with complete trust.

Source : bsc.news

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