Switzerland - Sygnum Crypto-bank to offer Yield Farming to its Institutional Clients
Crypto-bank Sygnum launches institutional-level custody and trading services for decentralized finance (DeFi) tokens. Based in Switzerland, Sygnum will also offer a yield farming solution.
Sygnum Launches Into DeFi
In an announcement, crypto-bank Sygnum revealed that it will launch regulated banking services for several decentralized finance (DeFi) tokens. We find tokens such as Aave (AAVE), Aragon (ANT), Curve (CRV), Maker (MKR), Synthetix (SNX), Uniswap (UNI) and 1inch. Sygnum will also offer a custody and trading service for the USD Coin (USDC) stablecoin.
As a first step, Sygnum clients will be able to invest directly in these tokens and access a full range of banking services, including institutional level custody, transfer and trading services.
In subsequent phases, Sygnum will offer a suite of yield farming products and services. In addition, Sygnum plans to offer “personalized solutions” in direct partnership with famous DeFi applications. This initiative marks the first step in Sygnum's ambition to create a bridge between centralized finance and decentralized finance.
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Aave x Sygnum?
We know that the Aave protocol already offers a “private” pool for institutions. Stani Kulechov, CEO of Aave explained that the service was "at an advanced stage of development", and that it could arrive on the mainnet soon.
We can therefore very well imagine that Sygnum would give access to the pool to these institutional clients. Stani Kulechov reacted to Sygnum's announcement:
“Sygnum’s institutional grade custody solution makes it easier for clients to learn in the cryptocurrency ecosystem. We look forward to continuing our collaboration with the aim of creating a bridge between the traditional banking world and decentralized finance. "
According to DeFi Pusle, Aave is DeFi's number one application in terms of value blocked in its protocol with $ 13.1 billion.
The total value stuck in DeFi apps has jumped from $ 1 billion a year ago to $ 62 billion so far. A growth which may suggest that decentralized finance will play an increasingly important role in the finance of the future.
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