Sygnum Bank Reports Exponential Growth in Crypto Spot Trading
CryptoNewsTerminal Staff24 Jul, 2024
Sygnum Bank Reports Exponential Growth in Crypto Spot Trading
The Swiss crypto bank Sygnum has released its half-year results, showcasing remarkable growth in its crypto spot trading volumes. According to The Block, Sygnum's report indicates a more than twofold increase in spot trading volumes compared to the same period last year. This surge in crypto trading is not confined to spot trading; Sygnum also reported a substantial increase in its crypto derivatives trading, which grew by 500%. Additionally, related lending volumes expanded by an impressive 360%. Notably, Sygnum reported that this growth in crypto trading spanned all four of its primary client segments: private individuals, asset managers, multi-family offices, and hedge funds. Despite not disclosing the exact figures for its H1 performance, Sygnum's report underscores the growing adoption of cryptocurrencies and the significant role played by crypto banks in this expanding market.
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