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Crypto Bank Sygnum Offering Yield on Its Swiss Franc Stablecoin
The licensed Swiss firm claims to be the first regulated bank to offer returns on its own stablecoin.
Swiss crypto bank Sygnum is launching a yield product based on its own stablecoin, DCHF.
STORY CONTINUES BELOW
- The licensed Swiss bank said in a press release Tuesday that its three-month fixed-term deposit product will generate 0.75 percent yield per year.
- Sygnum claims to be the first regulated bank to offer returns on its own stablecoin.
- The product was launched to meet demand for a yield-generating money market product denominated in Swiss francs, according to the announcement.
- “We created this product for our clients who are looking to protect the value of their wealth while maintaining short to medium-term liquidity,” said Pascal Gähweiler, Sygnum Bank’s head of credit and lending.
- Deposits of the stablecoin, which is pegged to the Swiss franc on a 1:1 basis, are covered by the Esisuisse insurance scheme, according to Sygnum.
Read more: Japan’s SBI Investing ‘Eight-Figure’ Sum in Swiss Crypto Bank Sygnum
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
