Swiss banks AMINA and Sygnum will provide 24/7 Support for Payments in Crypto Assets
Date: 2024-07-24 Author: Henry Casey Categories: IN WORLD
Swiss banks AMINA and Sygnum announced the launch of projects aimed at round-the-clock support for payments in crypto assets. These initiatives aim to address gaps in the digital asset market left by the collapse of US operators Silvergate Exchange Network (SEN) and Signature Bank's Signet platform in March 2023.
Impact of the Collapse of SEN and Signet
The collapse of Silvergate Exchange Network and Signet had a significant impact on the cryptocurrency market, as these operators played a key role in providing liquidity. SEN processed approximately $117 billion in crypto transactions quarterly, while Signet processed more than $275 billion. Their disappearance led to the fragmentation of payments in the international crypto space and a change in the preferences of market participants.
After the collapse of American operators, many participants in the digital asset market began to avoid the services of American banks, preferring to work with local players. A representative of AMINA Bank noted:
“The collapse of Signature and Silvergate led to payment fragmentation in the international crypto space for some time, dividing developments in North America and the rest of the world.”
Launching AMINA and Sygnum Connect
The AMINA payment network was launched in June, and Sygnum Connect joined in July. Both networks support 24/7 processing of instant transactions in Swiss francs, euros, US dollars and crypto assets. It is noteworthy that transfers between network participants are carried out without commissions, which makes them attractive to users.
The Swiss Financial Market Supervisory Authority (FINMA) has approved the launch of the first national retail platform that will allow the country's citizens to trade tokenized securities and digital assets. This decision confirms Switzerland's ambition to become a leading player in digital financial technology.
The launch of the AMINA and Sygnum Connect projects represents a significant step forward in providing 24/7 support for payments in crypto assets. These initiatives will not only fill the gaps left by the collapse of US operators, but will also strengthen Switzerland's position as a leading fintech hub. With the development of these payment networks, market participants will have access to more reliable and convenient tools for processing transactions in digital assets.
