Crypto bank from Switzerland, Sygnum, is reportedly making custody and banking offerings available, dedicated to Internet Computer (ICP) utility tokens.

Sygnum reportedly revealed that ICP holders will have the power to deposit their tokens with the bank’s institutional-grade segregated wallets. The firm claimed to be the first-of-its-kind to roll-out storage for ICP utility tokens, with trading available starting May 11th. 

In the next stage of offering ICP facilitation, Sygnum reportedly looks to release a suite of banking offerings dedicated to the token, including spot trading as well as options trading at a later date. 

The bank further plans to make Sygnum Lombard loans for ICP available in the future, establishing an access gateway to customers to liquidity against ICP token holdings.

Aside from offering custody and trading features for the ICP token, Sygnum has additionally been a part of the Internet Computer Association, an independent entity from Geneva, which is devoted to the Internet Computer network. 

Created by the Dfinity Foundation, a Zurich-headquartered nonprofit scientific research establishment, Internet Computer reportedly functions as a decentralized blockchain initiative, dedicated to widening the scope of functionality of the public internet. 

The initiative particularly has a target of transitioning from standard internet protocols to a universally accessible international supercomputer, built on the foundation of its self-developed ICP protocol.

“We believe that the decentralized and open nature of the Internet Computer will spark a wave of innovation across internet services, software platforms, and user experiences.” Sygnum co-founder and board member Manuel Krieger reportedly remarked.