Swiss bank customer assets rose to a record high in May.

Strong demand for cryptocurrency transactions from funds, family offices, and institutions is noted by Sygnum AG. This demand is anticipated to increase sales for a new brokerage in Singapore.

The Monetary Authority of Singapore has given its approval in principle for Sygnum’s application for a license that will enable it to provide services for digital token brokerage. Sygnum runs a digital asset bank in Switzerland.

The firm aims to capitalize on the global growth in demand from corporations and institutions for marketplaces.

Due to the demise of a US bank, interest in the Swiss bank has increased significantly.

Gerald Goh, co-founder, and CEO of Sygnum Singapore claims that at the end of May, customer assets, which included deposits of both fiat money and digital tokens, reached a record high of more than 3 billion Swiss francs ($3.3 billion).

Customers of Sygnum in Singapore will be able to send and receive fiat money and cryptocurrencies through the final license, but this does not include the option to convert fiat currency to cryptocurrency and vice versa.

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