Digital bank Sygnum opens a branch in Abu DhabiA Sygnum spokesman said that the bank intends to expand its operations in the Middle East, so the decision was made to open a new office in ADGM, the international financial center of the United Arab Emirates. Sygnum's offerings will focus on high-income customers who are ready for high-risk investments. Sygnum had planned to enter the Middle East back in October 2022, when it received ADGM approval to operate in the country.
"35% of UAE citizens have already invested $25 billion in more than 1,400 local cryptocurrency organizations, so we are confident that Abu Dhabi will become a regional and international hub for Web3, meta-universe and blockchain projects," Sygnum hopes.
Arvind Ramamurthy, head of market development at ADGM, said that Sygnum's regulated operations in Abu Dhabi will significantly accelerate the development of cryptocurrency innovation in the region. In turn, as the largest regulated jurisdiction for digital assets in the Middle East and North Africa (MENA), ADGM is ready to implement tools to ensure the growth of cryptocurrency companies in the UAE.
In 2021, Sygnum became the first regulated bank to integrate Ethereum 2.0 stacking functionality. Earlier, the bank launched custodial services for ICP tokens of DFINITY project.
