Swiss Banks Launch New Service for Round-the-Clock Cryptocurrency Payments
Swiss banks AMINA and Sygnum have announced the launch of a new service aimed at providing round-the-clock support for cryptocurrency payments. This move is designed to fill the gap in the digital asset market that emerged after the collapse of American operators of the Silvergate Exchange Network (SEN) and Signature bank’s Signet platform in March 2023.
Prior to their closure, SEN and Signet played a key role in providing liquidity in the cryptocurrency market. SEN processed cryptocurrency transactions amounting to around $117 billion quarterly, while Signet processed over $275 billion. Following their bankruptcies, international cryptocurrency transactions became less convenient, leading to fragmentation in payments between North America and the rest of the world.
In response to this issue, banks AMINA and Sygnum have proposed new solutions to ensure seamless cryptocurrency transactions. The payment network AMINA began operating in June 2024, with Sygnum Connect following in July. These platforms provide round-the-clock processing of instant transactions, supporting both traditional currencies like the Swiss Franc, Euro, and US Dollar, as well as cryptocurrencies.
Both networks allow transfers between participants without fees, which is expected to make cryptocurrency operations more accessible and efficient for market participants. A representative from AMINA noted that following the collapse of American operators, many users have been avoiding services from US banks, opting to work with local and more reliable players. The new initiatives from Swiss banks aim to fill gaps in international cryptocurrency transactions and restore stability in this market.
