Sygnum, a major Swiss crypto bank, intends to begin options trading for the ICP token at a later date.
Sygnum, a cryptocurrency bank headquartered in Switzerland, is now offering custody and banking services for Internet Computer (ICP) utility tokens.
On Tuesday, Sygnum revealed that ICP holders would be able to deposit their tokens in the bank’s institutional-grade segregated wallets. The company claims to be the first bank to provide storage for ICP utility tokens, which began trading on May 11.
Sygnum expects to introduce a suite of banking services for the token, including spot trading and options trading, in the second phase of rolling out ICP support. In the future, the bank plans to provide Sygnum Lombard loans for ICP, enabling clients to tap liquidity against their ICP token holdings.
Sygnum is a member of the Internet Computer Association, a Geneva-based autonomous member organization that campaigns for the Internet Computer network and offers custody and trading services for the ICP token.
Internet Computer is a decentralized blockchain project developed by the Dfinity Foundation, a Zurich-based nonprofit science research organization, to expand the capabilities of the public internet. The project’s specific goal is to move away from traditional internet protocols and toward a freely open global supercomputer based on its own ICP protocol.
Manuel Krieger, a Sygnum co-founder and board member stated:
“We believe that the decentralized and open nature of the Internet Computer will spark a wave of innovation across internet services, software platforms, and user experiences.”
The announcement comes just a week after the ICP token went live on major global exchanges, including Coinbase Pro, Binance, Huobi, and OKEx. After five years of growth, the ICP token experienced a parabolic rise immediately after its trading debut, vaulting to the fourth-largest cryptocurrency by market capitalization on Wednesday, with a price of $3,093 on Binance.
The ICP token has lost more than 60% of its market value since its inception and is currently trading at $196 at publishing. According to CoinMarketCap numbers, ICP is currently the ninth-largest cryptocurrency by market capitalization, with a market cap of $24 billion.