Sygnum Becomes Unicorn with $58M Raise, Eyes EU Expansion & Hong Kong Growth
January 14, 2025
Sygnum, a digital asset bank based in Zug, Switzerland, and Singapore, has achieved unicorn status following a successful $58 million funding round.
This funding round was led by Fulgur Ventures, a notable investor in blockchain platforms, and was oversubscribed, indicating strong interest from both new and existing investors.
The bank's new valuation of $1 billion reflects improving investor sentiment and confidence in the long-term potential of the crypto sector.
The proceeds from this funding will facilitate Sygnum's expansion into the European Union and European Economic Area, as well as the establishment of a regulated presence in Hong Kong.
Recently, Sygnum registered in Liechtenstein, which will enhance its access to markets within the EU and EEA.
Sygnum plans to utilize the new capital to expand its product offerings, particularly focusing on Bitcoin technology, while also enhancing its institutional infrastructure and regulatory compliance.
In the 2024 financial year, Sygnum reported operational profitability, managing over $5 billion in client assets and servicing more than 2,000 clients across 70 countries.
The bank's trading revenues surged over 1,000% year-on-year in 2024, driven by partnerships with PostFinance and over 20 other banks, enabling regulated crypto services to a significant portion of the Swiss population.
By the third quarter of 2024, Sygnum's trading product revenues had already surpassed the total revenues from the previous year, indicating a strong demand for institutional-grade crypto services.
Mathias Imbach, Sygnum's co-founder and CEO, emphasized the necessity for Switzerland to foster innovation in the digital asset sector to maintain its competitive edge as a financial hub.
While Sygnum has no immediate plans to enter the US market, it is exploring options to leverage positive developments in US crypto market reforms.
This milestone for Sygnum is viewed as a positive indicator of the resilience and growth potential of the overall crypto industry.
Summary based on 6 sources
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Sources

CoinDesk • Jan 14, 2025
Crypto Bank Sygnum Raises $58M Round Led by Bitcoin-Focused VC Fulgar Ventures
Cointelegraph • Jan 14, 2025
Crypto bank Sygnum hits unicorn status with new $58M raise
The Block • Jan 14, 2025
Sygnum Bank achieves Unicorn status following $58 million funding round
BeInCrypto • Jan 14, 2025
Crypto Bank Sygnum Achieves Unicorn Status Following $58 Million Funding Round