Crypto Bank Sygnum Secures $40 Million, Aiming for Expansion into New Markets

Cryptocurrency banking group Sygnum The strategic funding round, led by an Italian asset management company, raised over $40 million in an interim close, exceeding their initial $35 million goal. This newly acquired funding will facilitate the enhancement of Sygnum's regulated products, such as its bank-to-bank digital asset services, and will pave the way for Sygnum's growth in additional markets, notably Europe and the Asia-Pacific region. Azimut Holding This latest round of investment boosts Sygnum's total valuation to an impressive $900 million.

According to Gerald Goh, the co-founder and CEO of Sygnum's Singapore office, 'As the broader industry recovers from the 'crypto winter', both investors and market players are increasingly looking to collaborate with reputable and well-managed financial institutions. For Sygnum, this fundraising will enable us to continue expanding our array of fully regulated solutions to assist investors in increasing their engagement with this asset class.'

In the previous Series B funding round completed in January 2022, the cryptocurrency bank successfully raised $90 million with the backing of various investors based in Asia, such as Sun Hung Kai & Co. and SBI Holdings, elevating its valuation to $800 million.

Established in 2017, Sygnum Bank, which operates from Switzerland and has further licenses in Abu Dhabi and Luxembourg, manages assets exceeding $4 billion on behalf of over 1,700 clients from more than 60 countries. Animoca Brands, Last year, Sygnum played a key role in a $23 million fundraising initiative for staking provider P2P.org. P2P.org is currently working on building a new infrastructure platform that focuses on intermediaries, leveraging Ethereum’s recent Shanghai upgrade to enhance the staking experience and support growth initiatives.

Cryptocurrency Financial Institutions Are Committing to Global Expansion Singapore As the digital finance landscape evolves, cryptocurrency banks are strategically broadening their global reach to offer diverse services to clients around the world. 

A recent announcement from Swiss cryptocurrency bank Amina, formerly known as SEBA, highlighted its successful acquisition of a license from Hong Kong’s Securities and Futures Commission (SFC) enabling its subsidiary to provide cryptocurrency services in the city. 

This new license empowers the bank to handle and distribute all types of securities, including offerings related to virtual assets, such as Over-the-Counter (OTC) derivatives and structured products linked to digital assets. This move aligns with the bank’s goal to cater to customers in the region.

With this fresh round of investment, Sygnum is positioned to bolster its role in the digital finance sphere, enhancing its regulated offerings and venturing into critical new markets, further establishing itself as a trusted player in the financial sector.

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