Sygnum, a prominent crypto banking group, revealed today that it has successfully secured over $40 million in an interim close of its strategic funding round. The round was spearheaded by Milan-based asset manager Azimut Holding.
Exceeding the initial target of $35 million, the funding milestone underscores growing investor confidence in Sygnum’s vision and management prowess, as highlighted in a statement shared with The Block.
Sygnum Raises 40M Dollars with Valuation Hitting 900M Dollars
Gerald Goh, the co-founder and CEO of Sygnum’s Singapore arm, emphasized the increasing trend of investors and market participants seeking collaboration with reputable financial institutions amidst the industry’s emergence from the ‘crypto winter.’ He emphasized that the raised funds will empower Sygnum to expand its suite of fully regulated solutions, supporting investors in navigating the evolving landscape of digital assets.
Sygnum Hits 900 Million Dollars Valuation After Raising 40 Million Dollars in Funding for Crypto Banking
Sygnum’s strategic agenda involves utilizing the freshly acquired capital to propel its expansion into new markets while further enhancing its regulated product offerings, such as bank-to-bank digital asset services. Goh disclosed to The Block that the company plans to venture into a European market and another in the Asia-Pacific region, albeit refrained from divulging specifics due to regulatory constraints.
Notably, in its previous series B funding round concluded in January 2022, Sygnum amassed $90 million with the participation of prominent Asia-based investors, including Sun Hung Kai & Co., Animoca Brands, and SBI Holdings.
Operating from Switzerland and Singapore, Sygnum Bank has also obtained operational licenses in Abu Dhabi and Luxembourg, as outlined in its statement. The company further disclosed that it currently manages assets exceeding $4 billion from a clientele spanning over 1,700 clients across 60 countries.