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Sygnum Becomes First Bank to Offer Custody of Dfinity's ICP Token

The Swiss digital asset bank will follow up with a suite of services for ICP including loans, spot trading and options trading.

May 18, 2021 at 10:30 a.m. UTC
Updated Sep 14, 2021 at 12:56 p.m. UTC

Digital asset bank Sygnum will offer custody and banking services for Internet Computer utility tokens, becoming the first bank to do so.

  • Holders of ICP will be able to deposit their tokens with Sygnum, which will be followed by the rollout of 24/7 spot trading, options trading and loans against ICP holdings at a later date.
  • Incubated and launched by Dfinity on May 7, Internet Computer is described by Sygnum as the “third major blockchain innovation after Bitcoin and Ethereum,” in an emailed announcement Tuesday.
  • Founded in 2016, the ambitious project is aimed at offering smart contract functionality at internet speed, creating a "decentralized global computer." 
  • ICP has listed on a number of exchanges in recent weeks including Coinbase Pro on May 10, initially spiking to $640 before correcting.
  • Since May 11, ICP has trended downwards and is sitting at $196.58 at press time, according to CoinMarketCap.

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