Staking service provider P2P.org has received $23m in funding from crypto heavyweights Jump Crypto, Bybit and Sygnum. P2P is developing a new infrastructure platform catering to intermediaries, which capitalises on the recent Shanghai upgrade of the Ethereum network that allows users to withdraw assets they have "staked." P2P plans to use the funding to develop blockchain infrastructure that enhances the user experience in staking as well as researching and developing expansion initiatives.

While crypto companies in the United States are fleeing to more favorable jurisdictions, traditional financial institutions elsewhere are increasingly tapping the digital asset space. In the latest development, Swiss government-owned retail bank PostFinance partnered with Sygnum to offer its customers a range of regulated digital asset banking services.

Zurich-based digital asset bank Sygnum is seeing an influx in inquiries from international crypto firms looking for new banking partners following the recent collapses of crypto-friendly banking giants in the United States.

Sygnum has “received an in-principle approval from the Abu Dhabi Global Market’s (ADGM) Financial Services Regulatory Authority (FSRA).” Sygnum’s new Middle-East hub will “serve the local market with a crypto-native suite of digital asset banking, asset management, tokenization and B2B banking services regulated by FINMA in Switzerland.”

Sygnum, Switzerland’s digital asset bank, has been granted regulatory approval to expand its operations into the United Arab Emirates (UAE). Local news outlet The National Business noted in a report today that Sygnum has obtained in-principle approval from the Abu Dhabi Global Markets’ Financial Services Regulatory Authority (FSRA). The approval will allow Sygnum to cater to the growing demand for cryptocurrencies in the region.