Zurich – Sygnum Bank announces today that it will be the first bank to offer custody and banking services for Internet Computer utility tokens (ICP). Incubated and launched by the DFINITY Foundation, a Zurich-based not-for-profit scientific research organization, the Internet Computer extends the internet to function as a decentralised global computer, representing the third major blockchain innovation after Bitcoin and Ethereum. Sygnum is also a key member of the Internet Computer Association, operating specialised machine nodes that provide computing capacity to the Internet Computer – an initiative reflecting Sygnum’s mission to empower everyone, everywhere with more direct access to ownership and value.
Sygnum is the first regulated bank to offer services for the newly released ICP utility token
ICP tokens were distributed on 10 May 2021 with the launch of the Internet Computer. In a first phase, ICP holders will be able to deposit their ICP with Sygnum Bank, which will be stored with institutional-grade security in segregated wallets. In a second phase, a suite of banking services for ICP will be rolled out, including 24/7 spot trading, and plans at a later date to also offer options trading. Additionally, Lombard loans will be offered to provide fiat liquidity against ICP token-holdings.
Conceptualised and built by the DFINITY Foundation, the Internet Computer extends the functionality of the public internet so that it can host back-end software – transforming it into a decentralised global compute platform, run by independent data centres around the world. By providing infrastructure supporting the creation of innovative “open internet services”, the Internet Computer seeks to reverse big tech’s growing data and user relationship monopolies, with the ambition of restoring the internet to its open, permissionless roots.
Sygnum to take an active role in shaping governance and supporting the Internet Computer network
Sygnum also provides computing capacity to the Internet Computer by operating specialised machine nodes in data centres across Switzerland. It is a key member of the Internet Computer Association (ICA), an independent members’ organisation that provides governance, advocates for the Internet Computer network, and supports and coordinates ecosystem participants. The open nature of the Internet Computer is in line with Sygnum’s mission to empower everyone, everywhere with more direct access to ownership and value.
“We believe that the decentralised and open nature of the Internet Computer will spark a wave of innovation across internet services, software platforms, and user experiences”, says Manuel Krieger, Co-Founder and member of Sygnum Bank’s Board of Directors. “Our active involvement reflects the open values of our company and our commitment to realising the trusted, secure, and efficient digital asset ecosystem we call Future Finance”, he adds.
Dominic Williams, Founder and Chief Scientist of the DFINITY Foundation, says, “The Internet Computer represents the third major innovation in blockchain after Bitcoin and Ethereum. It supports smart contract software that can run at web speed and serve web to users for the first time, and a network that can scale its compute capacity with user demand, greatly increasing the potential applications of public blockchain, and improving the reach of today’s blockchain ecosystem. It represents the product of an unprecedented multi-year R&D effort, orchestrated by the DFINITY Foundation from research and development centres in Zurich, Palo Alto, San Francisco and Tokyo, and with additional remote teams in places such as Germany and the UK. The project has a singular purpose, and that is to relentlessly expand the capabilities of public blockchain and the decentralised ecosystem using advanced computer science and cryptography, and to make blockchain the platform of choice upon which we can reimagine all our systems and services.” (Sygnum/mc/ps)