Sygnum Bank, a digital asset banking group, has announced a strategic $58 million raise in an oversubscribed growth round.
Fulgur Ventures, a bitcoin-focused venture capital firm led the fundraising along with participation from strategic and financial investors, as well as Sygnum team members. This saw the bank achieve a post-raise valuation of $1 billion, delivering unicorn status for the crypto bank.
The funding will be utilized to expand its product line with an emphasis on Bitcoin technology, improve its institutional infrastructure, bolster its compliance team, and look into potential strategic acquisitions.
The strategic expansion round has strengthened the banking group, who currently have over $5 billion worth of assets for 2,000 plus clients across 70 countries. Additionally, the money will help Sygnum build a regulated company in Hong Kong and support its plans to expand throughout the EU.
Oleg Mikhalsky, Partner at Fulgur Ventures expressed his bullishness at the strategic expansion round for Sygnum.
“Fulgur is a venture capital firm that continues to drive investment into the accelerating convergence of bitcoin and institutional financial markets. Sygnum’s market-tested infrastructure, digital asset-native team, and global ecosystem make them the ideal partner to co-develop innovative Bitcoin-related financial products and technologies.”
Mathias Imbach, Sygnum co-founder and group CEO also shared his thoughts.
“Sygnum reaching unicorn status is a strong validation by the market of our business model, strategy, and team. As Switzerland is currently losing ground to other jurisdictions as a preferred digital asset hub, it is also our obligation to highlight the need for Switzerland to not ignore the importance of continuous innovation in the financial sector and to continue to attract talent and capital to remain relevant in the long-term.”
Last year, Sygnum introduced Sygnum Protect, a platform that allows institutional clients to trade on major cryptocurrency exchanges while safely keeping collateral in Sygnum’s bank-grade custody, and Sygnum Connect, a 24/7 multi-asset settlement network.
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