Switzerland-based cryptocurrency financial institution Sygnum is launching custody and banking companies for Web Laptop (ICP) utility tokens.Sygnum
Switzerland-based cryptocurrency financial institution Sygnum is launching custody and banking companies for Web Laptop (ICP) utility tokens.
Sygnum introduced Tuesday that ICP holders will be capable of deposit their tokens with the financial institution’s institutional-grade segregated wallets. The agency stated that it’s the first financial institution to supply storage for ICP utility tokens, which debuted buying and selling on Could 11.
In a second section of rolling out ICP help, Sygnum plans to launch a set of banking companies for the token, together with spot buying and selling in addition to choices buying and selling at a later date. The financial institution additionally expects to supply Sygnum Lombard loans for ICP sooner or later, permitting shoppers to entry liquidity towards ICP token holdings.
Aside from offering custody and buying and selling companies for the ICP token, Sygnum can be a member of the Web Laptop Affiliation, a Geneva-based unbiased member group that advocates for the Web Laptop community.
Developed by the Dfinity Basis, a Zurich-based not-for-profit scientific analysis group, Web Laptop is a decentralized blockchain mission designed to increase the performance of the general public web. The mission particularly intends to shift from normal web protocols to a publicly accessible world supercomputer that’s primarily based by itself ICP protocol.
Sygnum co-founder and board member Manuel Krieger stated, “We consider that the decentralised and open nature of the Web Laptop will spark a wave of innovation throughout web companies, software program platforms, and consumer experiences.”
The information comes every week after the ICP token debuted buying and selling on main world exchanges like Coinbase Professional, Binance, Huobi and OKEx. After 5 years of improvement, the ICP token noticed a parabolic spike instantly after its buying and selling debut, changing into the fourth-largest cryptocurrency by market capitalization on Could 12, with its worth reaching as excessive as $3,093 on Binance change.
The ICP token misplaced over 60% of its market worth since its buying and selling started, and is buying and selling at $196 on the time of writing. ICP is at present the ninth-largest cryptocurrency by market capitalization at $24 billion, in keeping with information from CoinMarketCap.
