Sygnum is a Swiss bank specializing in managing and custody of crypto and digital assets. The company, dual-headquartered in Switzerland and Singapore, was founded in 2018 and is regulated by the Swiss Financial Market Supervisory Authority (FINMA). The crypto bank recently announced that it raised over $40 million, surpassing its initial target of $35 million. This funding boost has elevated the company’s valuation to an impressive $900 million.
The round was led by Milan-based asset manager Azimut Holding, marking a pivotal moment for Sygnum as it seeks to expand its global footprint. Gerald Goh, the co-founder and CEO of Sygnum’s Singapore branch, shared insights into the company’s plans and the crypto industry’s current landscape. In a statement provided to The Block, Goh emphasized the emerging recovery from the so-called ‘crypto winter,’ noting a rising interest among investors and market players in partnering with reliable and well-managed financial institutions.
Sygnum plans to channel the newly acquired funds into two main avenues: penetrating new markets and enhancing its existing product range. Notably, the bank aims to launch operations in one European market and another in the Asia-Pacific region. However, specific details remain under wraps due to regulatory requirements.
This recent fundraising success builds on the momentum from Sygnum‘s previous series B funding round, which concluded in January 2022. That round saw the crypto bank secure $90 million, with notable contributions from Asian investors, including Sun Hung Kai & Co., Animoca Brands, and SBI Holdings.
Sygnum, dual-headquartered in Switzerland and Singapore, has also made strides in expanding its operational licenses, securing permissions in Abu Dhabi and Luxembourg. The bank currently boasts a client base of over 1,700 from 60 countries, managing assets exceeding $4 billion.
The bank’s focus on regulated products, like its bank-to-bank digital asset services, aligns with the growing demand for secure and compliant financial solutions in the crypto realm.
