The Swiss bank Sygnum has launched custody services for the ICP token of the DFINITY project. It is planned to connect spot trading and lending.
Sygnum co-founder and board member Manuel Krieger said ICP holders can store tokens in special secure wallets of the bank. Sygnum also intends to launch ICP spot trading, and later options on this crypto asset. In the future, the bank plans to offer loans in ICP, which will allow clients to access liquidity through ICP.
Sygnum became the first bank to provide custody services for ICP. Token trading began on May 10 on cryptocurrency exchanges Coinbase Pro, Binance, Huobi and OKEx. Immediately after the listing, ICP entered the top ten by market capitalization of the cryptocurrency market, and it still remains there, although its price fell faster than the market. As of today, ICP capitalization is $ 23.5 billion and it has dropped from eighth to tenth place.
It is worth considering that Sygnum is a member of the independent Internet Computer Association (ICA), which supports the Internet Computer, a decentralized computing network. It was launched in early May by the research organization DFINITY in Zurich. The goal of the project is to expand the functionality of the public Internet by moving from standard Internet protocols to a public supercomputer based on the ICP protocol.
“The decentralized and open nature of the Internet Computer will spark a wave of innovation among Internet services and software platforms. Therefore, we decided to add support for ICP, ”said the head of Sygnum.
Recall that in November, Sygnum bank added support for the Tezos cryptocurrency. Sygnum also introduced a digital version of the Swiss franc (DCHF) last year for efficient securities settlement.
