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Home ยป Swiss Crypto Bank Sygnum Secures $40 Million, Nears ‘Unicorn’ Status

Swiss Crypto Bank Sygnum Secures $40 Million, Nears ‘Unicorn’ Status

Sygnum's $40M Funding Triumph: Crypto Bank Gears Up for European and Asian Expansion, Nearing Unicorn Valuation.

by Alexander
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Sygnum, the Swiss crypto banking group, successfully concludes a $40 million funding round, elevating its valuation to $900 million. Azimut Holdings leads the investment, propelling Sygnum closer to ‘unicorn’ status.

Expansion Plans in Europe and Asia

Sygnum initially aimed for $35 million but surpassed expectations, attracting investors’ trust in its regulatory-focused strategy. CEO Mathias Imbach expresses gratitude for the strong partners involved and outlines plans to utilize the funds for expanding operations into new markets across Europe and Asia.

Building Trust Through Regulation

The crypto banking group emphasizes its commitment to building trust through regulation and good governance, a strategy that has guided it through various market cycles. The successful funding round follows Sygnum’s January 2022 raise of $90 million, valuing the firm at $800 million. Since then, the bank’s assets under management have surged to $4 billion, serving 1,700 clients from over 60 countries.

“The broader industry is emerging from the ‘crypto winter,’ and investors seek trusted financial institutions,” notes Gerald Goh, CEO of Sygnum’s Singapore operations. The latest funding will aid in expanding Sygnum’s suite of fully regulated solutions, supporting investors as they increase exposure to the crypto asset class.

Strategic Investments and Collaborations

Sygnum’s involvement in the $23 million fundraise for staking provider P2P.org in April 2022 highlights its strategic investments. P2P.org focuses on developing an intermediary-focused infrastructure platform, leveraging Ethereum’s recent Shanghai upgrade. This initiative aims to enhance the staking user experience and fuel expansion initiatives.

As Sygnum continues its growth trajectory, the successful funding round reinforces its position as a key player in the crypto banking sector. The funds will play a crucial role in furthering its global expansion plans and developing innovative solutions for the evolving crypto landscape

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