Sygnum joins Governance Council of leading Korean Layer-1 protocol Klaytn
Zurich, 27 September 2022 – Sygnum announces today it has joined the Governance Council (GC) of Klaytn, the largest Layer 1 blockchain in South Korea. Launched by Kakao (KRX: 035720) – one of South Korea’s largest technology giants – Klaytn enables the gaming and creator ecosystem to easily build and operate metaverse solutions, with several notable entities building on its platform, including leading game developers and the Bank of Korea for a Central Bank Digital Currency project. With over US$300 million in total value locked within the ecosystem, it counts amongst its GC members prominent Web3-native organisations including 1inch, Jump Crypto, Maker Foundation and Alameda Research, as well as traditional institutions including multinational conglomerate LG Electronics and Gumi, one of Japan’s gaming companies.
As the world’s first digital asset bank, Sygnum will lend the Klaytn ecosystem its expertise in building regulated digital asset financial services and products, such as bank-grade staking of native tokens. Sygnum will also run node validators as a GC member to help secure the Klaytn network, actively participate in protocol governance decisions to enhance the network’s value proposition, and support the ecosystem’s growth into new markets by leveraging its networks from its European and Asia Pacific hubs in Zurich and Singapore respectively.
The partnership with Klaytn is Sygnum’s latest initiative to deepen its engagements with the Web3 ecosystem and reflects its unique capability as a bank to provide regulated financial services and expertise to leading Web3 foundations. Past partnerships include Dfinity Foundation – where Sygnum operates validator nodes and is a member of their Internet Computer Association – as well as the Tezos and Cardano Foundations where Sygnum provides bank-grade staking for their native tokens.
Luca Burlando, Senior Vice President of Ventures at Sygnum Bank, says: “Innovation in Web3 and the metaverse remains vibrant, as evidenced by the sheer number of projects that continue to be launched across protocols like Klaytn. We are thrilled to be a governance partner to Klaytn, and we look forward to accelerating the development of real-world Web3 solutions across finance, entertainment and core technology infrastructure.”
David Shin, Head of Global Group, Klaytn Foundation, says, “With the world awakening to the potential of Web3, our Governance Council will play an important role in strengthening the Klaytn ecosystem for mass adoption. As part of Klaytn's continued pursuit of a crypto-first governance strategy, we are pleased to welcome Sygnum onboard our Governance Council.”
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About Sygnum
Sygnum is the world’s first digital asset bank, and a digital asset specialist with global reach. With Sygnum Bank AG’s Swiss banking licence, as well as Sygnum Pte Ltd’s capital markets services (CMS) licence in Singapore, Sygnum empowers professional and institutional investors, corporates, banks, and other financial institutions to invest in the digital asset economy with complete trust. Sygnum operates an independently controlled, scalable, and future-proof regulated banking platform. Our interdisciplinary team of banking, investment, and Distributed Ledger Technology (DLT) experts is shaping the development of a trusted digital asset ecosystem. The company is founded on Swiss and Singapore heritage and operates globally. To learn more about Sygnum, please visit www.sygnum.com
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