Sygnum, the digital asset bank, secures $58 million in funding, joining the ranks of unicorns.

Sygnum, the digital asset bank, secures $58 million in funding, joining the ranks of unicorns.

Sygnum, the digital asset bank, secures $58 million in funding, joining the ranks of unicorns.

Switzerland and Singapore-registered digital asset bank group Sygnum announced on Tuesday that it has raised $58 million in an oversubscribed strategic growth round, bringing its post-investment valuation to over $1 billion, making it a unicorn company.

According to the statement released by Sygnum, Fulgur Ventures, a venture capital firm specializing in Bitcoin technology, was the cornerstone investor in the final fundraising stage of this round. New and existing strategic and financial investors also participated in the investment, and Sygnum team members also participated on the same terms. Co-founders, board members, and team members continue to hold the majority stake in Sygnum.

The company stated that the new funds will be used to expand its product portfolio focusing on Bitcoin technology, expand its institutional infrastructure, strengthen its compliance team, and explore strategic acquisition opportunities. The funds will also support Sygnum’s expansion plans in the European Union and the launch of its regulated business in Hong Kong.

This funding round comes less than a year after Sygnum announced in January last year that it raised over $40 million in the mid-stage of its strategic growth round, led by Milan-based asset management company Azimut Holding. In the Series B funding completed in January 2022, Sygnum raised $90 million, with participation from Asian investors including Sun Hung Kai & Co., Animoca Brands, and SBI Holdings.

Sygnum claims that it will achieve operational profitability in the fiscal year 2024. Its trading products have driven business growth, including cryptocurrencies, derivatives, foreign exchange, and traditional securities, with annual trading volume growing by over 1000% year-on-year. The banking group stated that it currently manages over $5 billion in assets for more than 2,000 clients from over 70 countries.

In addition to being licensed in Switzerland and Singapore, Sygnum is also regulated in Abu Dhabi, Luxembourg, and Liechtenstein. The company also plans to significantly expand its MiCA compliance coverage in the European Union this quarter.