Sygnum gains Swisscom as partner and Singtel Innov8 as investor

09.11.2018 11:56
Blockchain Platform

Fintech start-up Sygnum has founded a joint venture with Swisscom for the secure storage of digital assets. Furthermore, the venture capital arm of the Singtel Group, Singtel Innov8, supports Sygnum with an investment. Sygnum plans to build a solution to securely issue digital assets in partnership with daura.

Sygnum is a Swiss- and Singapore-based company that was founded by an experienced interdisciplinary team of Swiss and Singaporean professionals, backed by a distinguished group of institutions and individuals including Philipp Hildebrand and Peter Wuffli. The company aims to provide clients and partners with an integrated solution to securely issue, store, trade and manage digital assets such as tokenised shares and investment products.

As strategic partners, Sygnum, Swisscom and daura AG will build a digital asset ecosystem addressing the key pain points associated with the integration of digital ledger technology into the financial industry. The ecosystem addresses important issues such as the absence of regulated fiat-digital gateways and the lack of compliant and secure custody solutions for digital assets.

In practical terms, Sygnum and its partners are working on solutions such as:

  • Institutional investor-grade custody solution
    Secure access to and storage of digital assets through an institutional investor-grade custody solution targeting regulated financial institutions. The application is being developed by CUSTODIGIT AG, a newly founded joint venture between Swisscom and Sygnum.
  • Issuance and settlement of digital assets
    Secure and seamless issuance and efficient settlement of digital assets, including fiat gateway, starting with the tokenization of Swiss SME (small and mid-sized enterprises) shares. The solution is being developed in close collaboration with daura.

Switzerland and Singapore as target markets
Sygnum has decided to develop its products and services simultaneously in two of the leading onshore financial hubs – Switzerland and Singapore. Manuel Krieger and Mathias Imbach, Founding Partners of Sygnum, are delighted with the progress made to advance the digital asset ecosystem. “We are grateful for the support received by key institutions in both Switzerland and Singapore. We are confident that together we can help to make a difference in solving the challenges that the finance industry and the new world of distributed ledger technology and digital assets face. In the first phase, our planned offerings will target qualified/accredited as well as institutional investors. In the second phase, we plan to offer bank-to-bank technology solutions to empower other financial institutions to provide services to the token economy. Through this, we hope to help put the new and rapidly growing digital asset ecosystem on a solid and future-proof foundation. The table is set – we now continue to focus on delivery.”

Investment from Singtel Innov8
Singtel Innov8, the venture capital arm of the Singtel Group, supports Sygnum with an investment. It has a fund size of US$250 million and its own set of decision making, approval and funding processes. Beyond funding, Singtel Innov8 is a gateway for start-ups to tap on the resources and expertise of the Singtel Group, while enabling the Group to gain access to emerging technologies. Headquartered in Singapore, Singtel Innov8 also has offices in San Francisco and Tel Aviv.

(Press release)

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