Former UBS CEO and present director at Sygnum, Peter Wuffli aims to milk the $220 billion market of “institutions and private individuals” through the Swiss-based bank for virtual currency.
Recently in an interview with Swissinfo.ch, he mentioned the potential that lies in the crypto sector for a banking entity in terms of serving the demands of industry players. “The most immediate opportunity is the existing $220 billion market of institutions and private individuals who already own cryptocurrencies, thousands of clients have contacted us for a one-stop-shop for asset custody, loans, and trading cryptocurrencies seamlessly with fiat currencies.”
Wuffli foresees a huge market potential for tokenized assets that include “company shares, real estate, art or commodities.” He also says that this will boom into a key market for ‘crypto-focused bank’ in the future. Along with his positive comments, he added a touch of concern regarding regulatory hurdles that have to be dealt with before the virtual currency market can blossom completely.
Sygnum, a crypto-company has become one among the first two banks to have received a banking license from the Swiss financial regulator. It is now aggressively pursuing its aim to obtain a banking license in Singapore. With this, they plan to fill the gap between the virtual and real-world currency. After it fulfills all the criteria of becoming a bank in Switzerland, it plans to start trade of Bitcoin and Ethereum. It may also start the conversion of fiat currencies like Swiss, Francs, Euros, Singapore and US Dollars to cryptocurrencies like Bitcoin and Ethereum.
Peter Wuffli became a part of the board of members of Sygnum Bank in July. Even though he has years of experience in the banking sector, he said that being a part of setting up a unique banking unit like Sygnum would brighten up his CV.
He showed his excitement by saying that “One thing missing from my CV is that I have never been involved in the creation of a new bank. I am a curious person and I love new things, it’s energizing.”