Swiss Bank Sygnum to Offer ICP Token Custody

Daniel James
Daniel James
Swiss Bank Sygnum to Offer ICP Token Custody

Swiss based Sygnum Bank announced that ICP holders will have the option to deposit their tokens with the bank’s institutional grade wallets. In a second phase of ICP support, Sygnum will launch spot trading and options trading at an unspecified later date.

The bank will later also offer Sygnum Lombard loans for ICP in the near future, allowing customers to receive liquidity in exchange for ICP tokens. Sygnum is a member of the Internet Computer Association (ICA), a Geneva based independent organization that works to advance the cause of the Internet Computer.

Sygnum co-founder and board member Manuel Krieger said:

We believe that the decentralized and open nature of the Internet Computer will spark a wave of innovation across internet services, software platforms and user experiences.

While Sygnum offers another option, The Internet Computer has its own staking system on the Nervous Network System of course, and the longer one holds ICP in a ‘dissolve delay’ in a ‘neuron’, the more voting rights and overall benefits. This is in order to encourage long term HODLers as the project is expected to grow exponentially over time.

Setting up an ICP account on the NNS is a simple process via the NNS app.

  1. Simply follow the instructions and send your ICP from your exchange to your wallet. It is always a good idea to send a small amount first to ensure everything is correct.
  2. Once the ICP amount of your choice is in the Network Nervous System main wallet you can create a neuron and set the dissolve delay. Note that once set the timer counts down to the release day and the decision cannot be reversed, although the amount of time can be increased.

You will need a Yubikey for secure access and are encouraged to set up the account on numerous devices such as your desktop and phone. A rough guide to the types of interest returns can be seen here.

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