Business News Report
January 25, 2024

Crypto Bank Sygnum Raises $40M Funding to Expand into Asia and European Markets

Crypto Bank Sygnum Raises $40 Million, Plans Expansion into New Markets

Cryptocurrency banking group Sygnum secured over $40M in an interim close of a strategic funding round led by Italian asset management group Azimut Holding, surpassing the initial target of $35M. Sygnum plans to utilize the newly raised capital to enhance the development of its regulated products, including bank-to-bank digital asset services, and to facilitate the bank’s expansion into new markets, including Europe and the Asia-Pacific region.

The latest investment round contributes to Sygnum’s total valuation, reaching $900M.

“The broader industry is emerging from the ‘crypto winter’ and investors and market participants are increasingly seeking to partner with trusted and well-managed financial institutions. For Sygnum, this fundraise will allow us to further build out our suite of fully regulated solutions to support investors as they increase their exposure to the asset class,” said Gerald Goh, co-founder and CEO of Sygnum’s Singapore arm, in the written statement.

In its preceding Series B funding round concluded in January 2022, the cryptocurrency bank raised $90 million with contributions from various Asia-based investors, including Sun Hung Kai & Co., Animoca Brands, and SBI Holdings that brought its valuation to $800M.

Founded in 2017, Sygnum Bank — with bases in Switzerland and Singapore, has obtained operating licenses in Abu Dhabi and Luxembourg. The company currently oversees assets valued at over $4B from more than 1,700 clients spanning across 60 countries.

Last year, Sygnum was involved in a $23M fundraising effort for staking provider P2P.org. P2P.org is in the process of developing a new infrastructure platform with a focus on intermediaries, utilizing the recent Shanghai upgrade of Ethereum to improve the user experience in staking and support expansion initiatives.

Cryptocurrency Banks Embrace Global Expansion

In response to the evolving landscape of digital finance, cryptocurrency banks are strategically expanding their global footprint to provide a diverse range of services to clients globally. 

Recently, a Swiss cryptocurrency bank Amina (formerly SEBA), revealed the successful acquisition of a license from Hong Kong’s Securities and Futures Commission (SFC) for its subsidiary to conduct cryptocurrency-related services within the city. 

This licence grants the bank the ability to deal in and distribute all securities, including products related to virtual assets, such as Over-the-Counter (OTC) derivatives and structured products with underlying virtual assets. This development aligns with the bank’s strategic focus on serving clients in the APAC region.

With the new investment, Sygnum is set to strengthen its position in the digital finance landscape, advancing its suite of regulated solutions and expanding into key new markets, solidifying its status as a trusted financial institution.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at [email protected]

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Alisa Davidson
Alisa Davidson

Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at [email protected]

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