Sygnum Bank's first half-yearly profit was driven by the surge in crypto spot and derivatives trading, boosted by the U.S. debut of bitcoin ETFs and anticipation of ether approvals.
First-half spot crypto trading volume doubled from the previous year, while crypto derivatives volume increased by 500% after a $40 million fundraise in January.
Sygnum Bank, licensed in Luxembourg, Singapore, and Switzerland, plans to expand into the EU under MiCA regulations and intensify operations in Hong Kong.
The strategic focus on expanding services and geographical reach aligns with the bank's growth plans following the successful profit milestone.
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