Switzerland-based cryptocurrency financial institution Sygnum is launching custody and banking companies for Web Pc (ICP) utility tokens.
Sygnum announced on Tuesday that ICP holders will have the ability to deposit their tokens with the financial institution’s institutional-grade segregated wallets. The agency stated that it’s the first financial institution to supply storage for ICP utility tokens, which debuted trading on Might 11.
In a second part of rolling out ICP assist, Sygnum plans to launch a set of banking companies for the token, together with spot buying and selling in addition to choices buying and selling at a later date. The financial institution additionally expects to supply Sygnum Lombard loans for ICP sooner or later, permitting shoppers to entry liquidity towards ICP token holdings.
Other than offering custody and buying and selling companies for the ICP token, Sygnum can be a member of the Web Pc Affiliation, a Geneva-based unbiased member group that advocates for the Web Pc community.
Developed by the Dfinity Basis, a Zurich-based nonprofit scientific analysis group, Web Pc is a decentralized blockchain venture designed to develop the performance of the general public web. The venture particularly intends to shift from commonplace web protocols to a publicly accessible international supercomputer that’s based mostly by itself ICP protocol.
Sygnum co-founder and board member Manuel Krieger stated: “We imagine that the decentralized and open nature of the Web Pc will spark a wave of innovation throughout web companies, software program platforms and person experiences.”
The information comes per week after the ICP token debuted buying and selling on main international exchanges, reminiscent of Coinbase Professional, Binance, Huobi and OKEx. After 5 years of growth, the ICP token noticed a parabolic spike instantly after its buying and selling debut, changing into the fourth-largest cryptocurrency by market capitalization on Wednesday, with its value reaching as excessive as $3,093 on Binance.
The ICP token misplaced over 60% of its market worth since its buying and selling started and is trading at $196 on the time of writing. ICP is at the moment the ninth-largest cryptocurrency by market capitalization at $24 billion, in line with knowledge from CoinMarketCap.