Sygnum Bank plays key role in launching and operating the Internet Computer

Sygnum Bank announces today that it will be the first bank to offer custody and banking services for Internet Computer utility tokens (ICP). Incubated and launched by the DFINITY Foundation, a Zurich-based not-for-profit scientific research organization, the Internet Computer extends the internet to function as a decentralised global computer, representing the third major blockchain innovation after Bitcoin and Ethereum. Sygnum is also a key member of the Internet Computer Association, operating specialised machine nodes that provide computing capacity to the Internet Computer – an initiative reflecting Sygnum’s mission to empower everyone, everywhere with more direct access to ownership and value.

Sygnum is the first regulated bank to offer services for the newly released ICP utility token

ICP tokens were distributed on 10 May 2021 with the launch of the Internet Computer. In a first phase, ICP holders will be able to deposit their ICP with Sygnum Bank, which will be stored with institutional-grade security in segregated wallets. In a second phase, a suite of banking services for ICP will be rolled out, including 24/7 spot trading, and plans at a later date to also offer options trading. Additionally, Lombard loans will be offered to provide fiat liquidity against ICP token-holdings.

Conceptualised and built by the DFINITY Foundation, the Internet Computer extends the functionality of the public internet so that it can host back-end software – transforming it into a decentralised global compute platform, run by independent data centres around the world. By providing infrastructure supporting the creation of innovative “open internet services”, the Internet Computer seeks to reverse big tech’s growing data and user relationship monopolies, with the ambition of restoring the internet to its open, permissionless roots.

Sygnum to take an active role in shaping governance and supporting the Internet Computer network

Sygnum also provides computing capacity to the Internet Computer by operating specialised machine nodes in data centres across Switzerland. It is a key member of the Internet Computer Association (ICA), an independent members’ organisation that provides governance, advocates for the Internet Computer network, and supports and coordinates ecosystem participants. The open nature of the Internet Computer is in line with Sygnum’s mission to empower everyone, everywhere with more direct access to ownership and value.

“We believe that the decentralised and open nature of the Internet Computer will spark a wave of innovation across internet services, software platforms, and user experiences”, says Manuel Krieger, Co-Founder and member of Sygnum Bank’s Board of Directors. “Our active involvement reflects the open values of our company and our commitment to realising the trusted, secure, and efficient digital asset ecosystem we call Future Finance”, he adds.

Dominic Williams, Founder and Chief Scientist of the DFINITY Foundation says, “The Internet Computer represents the third major innovation in blockchain after Bitcoin and Ethereum. It supports smart contract software that can run at web speed and serve web to users for the first time, and a network that can scale its compute capacity with user demand, greatly increasing the potential applications of public blockchain, and improving the reach of today’s blockchain ecosystem. It represents the product of an unprecedented multi-year R&D effort, orchestrated by the DFINITY Foundation from research and development centres in Zurich, Palo Alto, San Francisco and Tokyo, and with additional remote teams in places such as Germany and the UK. The project has a singular purpose, and that is to relentlessly expand the capabilities of public blockchain and the decentralised ecosystem using advanced computer science and cryptography, and to make blockchain the platform of choice upon which we can reimagine all our systems and services.”

About Sygnum
Sygnum is the world’s first digital asset bank, and a digital asset specialist with global reach. With Sygnum Bank AG’s Swiss banking licence, as well as Sygnum Pte Ltd’s capital markets services (CMS) licence in Singapore, Sygnum empowers institutional and private qualified investors, corporates, banks, and other financial institutions to invest in the digital asset economy with complete trust. Sygnum operates an independently controlled, scalable, and future-proof regulated banking platform. Our interdisciplinary team of banking, investment, and Distributed Ledger Technology (DLT) experts is shaping the development of a trusted digital asset ecosystem. The company is founded on Swiss and Singapore heritage, and operates globally. To learn more about Sygnum, please visit www.sygnum.com.

For more information, or to arrange an interview, please contact the following:

Switzerland
Media Contact:
Dominic Castley
T: +41 58 508 21 01
E: [email protected]

Sygnum Bank AG
Uetlibergstrasse 134a
8045 Zürich
Switzerland
www.sygnum.com

Disclaimer
This document was prepared by Sygnum Bank AG. This document may contain forward looking statements and may be subject to change. The opinions expressed herein are those of Sygnum Bank AG, its affiliates, and partners at the time of writing. The document is for informational purposes only and contains general material. It is for use by the recipient only. It does not constitute any advice or recommendation, an offer or invitation by or on behalf of Sygnum Bank AG to purchase or sell assets or securities. It is not intended to be used as a general guide to investing, and should be used for informational purposes only. When making an investment decision, you should either conduct your own research and analysis or seek advice from an expert to make a calculated decision. The information and analyses contained in this document have been compiled from sources believed to be reliable. However, Sygnum Bank AG makes no representation as to its reliability or completeness and disclaims all liability for losses arising from the use of this information.

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