Switzerland-based cryptocurrency financial institution Sygnum is launching custody and banking providers for Web Laptop (ICP) utility tokens.
Sygnum introduced 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 buying and selling on Might 11.
In a second part of rolling out ICP help, Sygnum plans to launch a set 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 purchasers to entry liquidity in opposition to ICP token holdings.
Aside from offering custody and buying and selling providers for the ICP token, Sygnum can also be a member of the Web Laptop Affiliation, a Geneva-based unbiased member group that advocates for the Web Laptop community.
Developed by the Dfinity Basis, a Zurich-based not-for-profit scientific analysis group, Web Laptop is a decentralized blockchain challenge designed to develop the performance of the general public web. The challenge particularly intends to shift from commonplace web protocols to a publicly accessible world supercomputer that’s primarily based by itself ICP protocol.
Sygnum co-founder and board member Manuel Krieger mentioned, “We consider that the decentralised and open nature of the Web Laptop will spark a wave of innovation throughout web providers, software program platforms, and consumer experiences.”
The information comes every week after the ICP token debuted buying and selling on main world exchanges like 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, turning into the fourth-largest cryptocurrency by market capitalization on Might 12, with its worth reaching as excessive as $3,093 on Binance alternate.
The ICP token misplaced over 60% of its market worth since its buying and selling started, and is buying and selling at $196 on the time of writing. ICP is at the moment the ninth-largest cryptocurrency by market capitalization at $24 billion, in accordance with knowledge from CoinMarketCap.
7-day ICP worth chart. Supply: CoinMarketCap