Switzerland-based cryptocurrency financial institution Sygnum is launching custody and banking providers for Web Pc (ICP) utility tokens.
Sygnum announced on Tuesday that ICP holders will be capable to deposit their tokens with the financial institution’s institutional-grade segregated wallets. The agency mentioned that it’s the first financial institution to supply storage for ICP utility tokens, which debuted trading on Could 11.
In a second part of rolling out ICP assist, Sygnum plans to launch a collection of banking providers 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 in opposition to ICP token holdings.
Aside from offering custody and buying and selling providers 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 mission designed to increase the performance of the general public web. The mission particularly intends to shift from commonplace web protocols to a publicly accessible world supercomputer that’s based mostly by itself ICP protocol.
Sygnum co-founder and board member Manuel Krieger mentioned: “We consider that the decentralized and open nature of the Web Pc will spark a wave of innovation throughout web providers, software program platforms and person experiences.”
The information comes every week after the ICP token debuted buying and selling on main world exchanges, reminiscent of Coinbase Professional, Binance, Huobi and OKEx. After 5 years of improvement, 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 worth 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 presently the ninth-largest cryptocurrency by market capitalization at $24 billion, based on information from CoinMarketCap.