Sygnum Becomes Unicorn with $58M Raise, Eyes EU Expansion & Hong Kong Growth

January 14, 2025
Sygnum Becomes Unicorn with $58M Raise, Eyes EU Expansion & Hong Kong Growth
  • 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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