Sygnum, one of the world’s leading banks specializing in digital assets, has raised $ 90 million in a Series B financing round. The company is now valued at $ 800 million.
Sygnum, a crypto-bank valued at $ 800 million
Sygnum, one of the first banks specializing in digital asset management , is continuing its rapid development. It has just announced that it has successfully completed a series B financing round , allowing it to raise $ 90 million . This fundraising brings its valuation to more than 800 million dollars .
The tour de table was led by Sun Hung Kai & Co , a financial services company listed in Hong Kong. Other investors include Animoca Brands, SBI Holdings, the digital investment arm of Siam Commercial Bank, SCB 10X, and Canadian investment firm Meta Investments.
Unusually, Sygnum employees also participated in the fundraising , as in all of their previous fundraisers. In particular, this allows employees, co-founders and board members “to continue to own a controlling stake in the company,” Sygnum said.
As of this writing, this Series B round brings Sygnum’s total funding to over $ 120 million . Indeed, the bank had previously raised $ 30 million.
Crypto-banks, a booming activity
Sygnum is a regulated crypto-bank , with licenses in Switzerland and Singapore. It enables institutional and private investors, businesses, banks and other financial institutions to invest in the cryptocurrency economy.
During the year 2021, it saw a considerable growth in its activity , similar to that of Bitcoin (BTC) and the rest of the market. Fueled by strong demand for its digital asset management service, the Swiss crypto-bank recorded a ten-fold increase in gross income from the previous year.
“The digital asset economy is rapidly crossing the chasm that leads to mainstream adoption, where investors will demand fully regulated solutions while accelerating their exposure,” said Mathias Imbach, co-founder and CEO of Sygnum.
The company now has more than 1,000 clients , ranging from private investors to institutions in the financial and banking sector. In addition, the volume of its assets under management greatly exceeds $ 2 billion .
Funds to professionalize in DeFi
With this new capital in the treasury, Sygnum plans to continue expanding its service offering focused on decentralized finance (DeFi) . These are in particular asset management products focused on DeFi , such as Arc, the institutional platform developed by the team in charge of the Aave loan protocol.
In addition, the Swiss crypto-bank will offer its clients to generate passive returns on their DeFi tokens, mainly through pools and staking protocols . Moreover, it was the first of its kind to launch a staking offer on Ethereum 2.0 to its customers.
“Savvy digital asset investors are increasingly looking for new opportunities at the frontiers of Web 3.0, including DeFi, NFT, Gambling and Metaverse,” said Gerald Goh, Co-Founder and CEO by Sygnum Singapore.
With the expertise of its team of engineers and blockchain researchers, the ambition is therefore to focus on new innovations with high potential growth, including non-fungible tokens (NFT) , Web 3.0 or even the metaverse.
Once again, Swiss banking institutions continue to be at the forefront of cryptocurrency adoption . Last month, SEBA, another crypto-bank from across the Jura, used the Arc d’Aave platform to attract institutional investors.
