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Zurich, 23 March 2021 – Azimut Group, one of the leading independent asset managers in Europe with EUR 70 billion in assets under management, has partnered with Sygnum Bank to tokenize its first portfolio of loans to Italian small and medium enterprises (SMEs). This portfolio is worth EUR 5 million and will be followed by other larger portfolios, with tokens issued through Desygnate, Sygnum’s primary market issuance platform.
– This provides a real-world example of how tokenization can help fill the USD 5 trillion Mid Cap funding gap by offering companies an alternative route to raising capital
– Sygnum is now building a strong pipeline of asset tokens across the Venture Capital, Mid Cap, Real Estate and Art & Collectibles verticals to create unique investment opportunities for investors
Real-world example of how tokenization can help fill the USD 5 trillion Mid Cap funding gap
Azimut was one of the first cohort of issuers announced at the launch https://bit.ly/397UrtM of Sygnum’s bank-grade tokenization solution, Desygnate. In a first phase, Azimut is tokenizing a EUR 5 million portfolio of loans to Italian SMEs that will be offered to its private clients and other Azimut funds for greater portfolio diversification. This will be followed by other larger portfolios.
Obtaining financing is a common challenge for Mid Cap companies; traditional capital markets have high costs and extensive listing requirements, while approvals for bank loans demand stringent credit assessments. This has resulted in a USD 5 (1) trillion funding gap, and Azimut provides a real-world example of how tokenization can start to close this by offering companies an alternative route to raising capital.
“Access to finance is a constraint to the growth of Mid Cap companies, and this is a focus of Azimut’s Synthetic Bank (Banca Sintetica)2 project, which aims to provide EUR 1.2 billion of financing to Italian SMEs over the next four years”, says Giorgio Medda, Co-CEO of Azimut Group. “Our partnership with Sygnum in the area of tokenization will enable us to leverage the power of distributed ledger technology (DLT) to increase the efficiency and transparency of the Synthetic Bank”, he adds.
Sygnum’s pipeline of unique investment opportunities continues to build momentum
Sygnum has continued to onboard new issuers since the launch of its regulated, end-to-end tokenization solution https://bit.ly/3sfl47I in November 2020. The bank continues to create new investment opportunities across its four investment verticals of Venture Capital, Mid Cap, Real Estate and Art & Collectibles, including the Azimut token, allowing investors to profit from asset classes previously seen as hard-to-access in a direct and fractional manner.
In February this year, Sygnum and Fine Wine Capital, a Swiss-based fine wine investment company, tokenized a portfolio of premium investible wines https://bit.ly/397UFkC that was fully subscribed within four days. This was Sygnum’s first asset token offering in the Art & Collectibles investment vertical and under Switzerland’s new DLT law.
Mathias Imbach, Co-Founder and Group CEO of Sygnum Bank says “There is strong appetite for the investment opportunities that tokenization opens up to investors, which will support the building of more holistic, diversified and future-ready investment portfolios. We are proud to be working with Azimut, one of the innovative first-movers in this space.”
Read the Azimut press release here: https://bit.ly/3rbVhvJ
1) https://www.smefinanceforum.org/data-sites/msme-finance-gap
2) Azimut’s Synthetic Bank (Banca Sintetica) project aims to provide EUR 1.2 billion of loans to Italian SMEs over the period of 2021-2025
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About Sygnum
Sygnum is the world’s first digital asset bank, and a digital asset specialist with global reach. With Sygnum Bank AG’s Swiss banking licence, as well as Sygnum Pte Ltd’s capital markets services (CMS) licence in Singapore, Sygnum empowers institutional and private qualified investors, corporates, banks, and other financial institutions to invest in the digital asset economy with complete trust. Sygnum operates an independently controlled, scalable, and future-proof regulated banking platform. Our interdisciplinary team of banking, investment, and Distributed Ledger Technology (DLT) experts is shaping the development of a trusted digital asset ecosystem. The company is founded on Swiss and Singapore heritage, and operates globally. To learn more about Sygnum, please visit http://www.sygnum.com.
Media Contact:
Dominic Thalmann
T: +41 44 266 67 67
E: sygnum@farner.ch
Corporate Contact:
Dominic Castley
T: +41 58 508 21 01
E: dominic.castley@sygnum.com
Sygnum Bank AG
Uetlibergstrasse 134a
8045 Zürich
Switzerland
Summary: Swiss-based Sygnum Bank announced this week that it is currently storing digital assets with Taurus Group. On Friday, the bank also revealed that customers of this FINMA approved company can use the Tezos network to purchase and mortgage XTZ.
Headquartered Sygnum announced this week that it is currently storing digital assets with Taurus Group. On Friday, the bank also revealed that customers of this FINMA-approved company can use the Tezos network to purchase and XTZ.
Sygnum detailed the node system and storage framework that the company will use Taurus. According to the company’s portal, Taurus claims to provide “the safest, most compliant, and most reliable digital asset infrastructure and tools.”
In addition to its cooperation with Taurus, Sygnum Bank also announced that it will allow customers to purchase and mortgage tokens from the Tezos network.
Sygnum said on Friday: “This is the first time that XTZ can deposit and mortgage in a regulated bank, enabling customers to participate in the Tezos network and receive up to 5% of mortgage rewards each year.” The bank plans to provide it through various digital asset networks in the future. Other mortgage services.
Martin Burgherr, chief customer officer of Sygnum Bank, said in a statement: “We strongly support Tezos and its unique liquidity proof-of-stake governance mechanism, which is in line with Sygnum’s values.”
“By staking XTZ, our customers can obtain a unique asset, provide mortgage income, and enable them to construct their digital asset portfolio in a more creative way. Tezos is the first proof of stake (PoS) on the Sygnum banking platform. ) Tokens, we will continue to expand the product range on this platform to provide customers with more choices,” Burgherr added.
Sygnum was founded in 2018 by Gerald Goh, Luka Muller and Mathias Imbach. All digital assets of the bank are screened through Sygnum’s proprietary AML tool. In addition, in order to maximize the private key storage capacity, Sygnum’s key ceremony has also been audited by ISAE 3000.
Sygnum customers can also use legal currencies such as U.S. dollars, Swiss francs, and euros through this Swiss bank’s digital currency service platform.
This year, the number of Swiss banking services that provide customers with digital currency products has increased significantly, a trend that is much higher compared to other countries. In addition, the U.S. Office of the Comptroller of the Currency (OCC) now allows the Federal Savings Association and National Bank based in the United States to hold stable currencies.
- Sygnum’s users will get secure access to XTZ custody, trading, credit, and staking services.
- Staking XTZ will see the bank’s clients earn rewards of up to 5% annually.
- Reportedly, the bank will use individually segregated wallets to store user funds.
Sygnum has become the first regulated bank to launch Tezos (XTZ) staking. The bank unveiled this news via an official announcement on November 6, noting that this move means that it will see it support secure custody, trading, credit, and staking services for the coin. Reportedly, this development means Sygnum users can now deposit and stake XTZ through a regulated bank, allowing them to participate in the Tezos network while earning staking rewards of up to 5% annually.
According to the announcement, the bank’s clients can exit staking positions at any given time, seeing as there isn’t a minimum withdrawal period. Also, the customers will be in a position to access transaction and independently-confirmed tax reports, which will allegedly be available upon request through e-banking. The bank added that it would conduct due diligence on all Tezos validators (bakers) to help ensure their dependability before the tokens are availed on the Sygnum platform.
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By supporting Tezos staking, Sygnum has further strengthened its multi-custody platform, which now includes the Taurus project. The bank also works with Securosys, a Swiss HSM provider, in a deal that involves holding its DCHF and asset tokens. Reportedly, Sygnum has achieved these milestones through its open banking API management layer, which allows it to provide a continuously expanding array of services to banks and other financial institutions.
Reasons for offering Tezos staking services
Explaining why it decided to introduce Tezos staking services, Sygnum noted that Tezos is a robust open-source blockchain technology, which underpins smart contract functionality. The bank added that the network supports the development of decentralised applications (dApps). On top of this, the coin’s Liquid Proof-of-Stake (LPoS) consensus mechanism lets users delegate their coins to a validator and earn staking rewards. In so doing, the users help bolster the security and stability of the network.
Per Sygnum, Tezos’ LPoS consensus mechanism also allows the network to regularly adapt and adopt new features natively and automatically. As such, the network avoids hard forks and disruptions. Sygnum went on to conclude that the above perks alongside the network’s institutional-grade, secure smart contracts, a strong team of developers, and stakeholders make the network a perfect solution for valuable applications.
Commenting on this bullish development, Martin Burgherr, Sygnum Bank’s Chief Clients Officer said,
“We are strong supporters of Tezos and its unique Liquid Proof-of-Stake governance mechanism, which aligns with our Sygnum values. With XTZ staking, our clients can access a unique asset which offers staking rewards and enables them to structure their digital asset portfolios in more creative ways. Tezos is the first Proof-of-Stake (PoS) token on Sygnum Bank’s platform, where we are continually expanding our offering to provide more choice for our clients,”
Multiple buying options
Per David Fuchs, Tezos Foundation’s head of enterprise adoption EMEA, Sygnum’s decision to support Tezos staking validates the security and longevity of the Tezos network. He added that this move is another significant step on the path leading to institutional and enterprise adoption. Reportedly, the staking service will allow Sygnum’s clients to use their fiat deposits to buy, hold, and trade XTZ. These include CHF, EUR, SGD, and USD. On top of this, the users will enjoy high security, seeing as the bank will hold each client’s funds in individually segregated wallets to avoid counterparty risks.
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