The project aims to fill the gap in the digital asset market left by the collapse of US operators Silvergate Exchange Network (SEN) and Signature Bank’s Signet platform in March 2023. US operators played a critical role in providing liquidity to the cryptocurrency market. For example, SEN processed about $117 billion in crypto transactions per quarter, while Signet handled more than $275 billion.
“The collapse of Signature and Silvergate has led to a fragmentation of payments in the international crypto space for some time, separating events in North America and the rest of the world. At the same time, after the collapse of American operators, many participants in the digital asset market are deliberately avoiding the services of American banks, preferring to work with local players,” said a representative at AMINA Bank.
The AMINA payment network was launched in June, followed by Sygnum Connect in July. The networks support 24/7 processing of instant transactions in both Swiss francs, euros, and US dollars, as well as crypto assets, with no fees for transfers between network participants.
Earlier, the Swiss Financial Market Supervisory Authority (FINMA) approved the launch of the first national retail platform that will allow the country’s citizens to trade tokenized securities and digital assets.
Source: Bits
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