Swiss bank Sygnum will host internet computer tokens

The Swiss-based cryptocurrency bank Sygnum is launching the custody and banking services of Internet Computer (ICP) utility tokens.

clove Announce On Tuesday, ICP holders will be able to deposit their tokens in the bank’s institutional-level segregated wallet. The company stated that this is the first bank to provide the following services: ICP utility token, first public transaction May 11.

In the second phase of launching ICP support, Sygnum plans to launch a set of banking services for the token, including spot trading and future option trading. The bank also hopes to provide Sygnum Lombard loans to ICP in the future, enabling customers to obtain liquidity from ICP token holdings.

In addition to providing custody and trading services for ICP tokens, Sygnum is also a member of the Internet Computer Association, an independent member organization headquartered in Geneva dedicated to the advocacy of Internet computer networks.

Internet Computer, developed by the Dfinity Foundation, a non-profit scientific research organization based in Zurich, is a decentralized blockchain project that aims to expand the functionality of the public Internet. The project specifically intends to transform from a standard Internet protocol to a publicly accessible global supercomputer based on its own ICP protocol.

Sygnum co-founder and board member Manuel Krieger said: “We believe that the decentralization and openness of Internet computers will trigger a wave of innovation in Internet services, software platforms and user experience.”

The news was released a week after the ICP token debuted on major global exchanges such as Coinbase Pro, Binance, Huobi and OKEx.After five years of development, ICP tokens have seen a parabolic surge after their debut, becoming The fourth largest cryptocurrency by market capitalization On May 12, its price was as high as $3,093 on the Binance exchange.

Since the start of the transaction, the market value of the ICP token has lost more than 60%, and trading At the time of writing, it was $196. According to data from CoinMarketCap, ICP is currently the ninth largest cryptocurrency in terms of market capitalization, with a market value of 24 billion U.S. dollars.