The project aims to fill the gap in the digital asset market that arose as a result of the collapse of the American operators of the Silvergate Exchange Network (SEN) and the Signature bank's Signet platform in March 2023. American operators have played a crucial role in providing liquidity in the cryptocurrency market. For example, SEN processed about $117 billion worth of cryptotransactions on a quarterly basis, while more than $275 billion passed through Signet.
"The collapse of Signature and Silvergate led to the fragmentation of payments in the international crypto space for a while, separating events in North America and the rest of the world. At the same time, after the collapse of American operators, many participants in the digital asset market purposefully avoid using the services of American banks, preferring to work with local players," said a representative at AMINA Bank.
The AMINA payment network was launched in June, followed by Sygnum Connect in July. The networks support round-the-clock processing of instant transactions in Swiss francs, euros and US dollars, as well as in crypto assets, without fees for transfers between network participants.
Earlier, the Swiss financial Market Supervisory Authority (FINMA) approved the launch of the first national retail platform that will allow citizens of the country to trade tokenized securities and digital assets.