Sygnum Secures $58 Million For Global Expansion

According to Cointelegraph, cryptocurrency banking group Sygnum is set to expand into multiple markets after raising $58 million in an oversubscribed strategic growth round. This funding has propelled Sygnum to unicorn status, with a post-money valuation exceeding $1 billion. The company plans to utilize the fresh capital to enter new regions, develop Bitcoin-focused products, and pursue strategic acquisitions. Fulgur Ventures, a key investor in this funding round, is recognized for supporting major industry platforms such as Blockstream, the creator of the Liquid Network, a Bitcoin layer-2 solution. Sygnum's co-founders, board, and team members continue to maintain majority ownership of the company, despite the influx of new investors. The funds will aid Sygnum's expansion into the European Union and the European Economic Area, as well as establishing a regulated presence in Hong Kong. The strategic growth round was driven by Sygnum's multiyear business growth, highlighted by a significant surge in total trades in 2024, which increased by over 1,000% year-over-year. This growth was largely attributed to the company's collaboration with Swiss state-owned bank PostFinance. Additionally, Sygnum is collaborating with at least 20 banks on its business-to-business platform, offering regulated crypto services to over a third of the Swiss population. The company's growth also includes successful partnerships with digital asset exchange AsiaNext and prime broker Hidden Road for its 24/7 multi-asset settlement network, Sygnum Connect. Despite these achievements, Sygnum's CEO, Mathias Imbach, expressed concerns about Switzerland's diminishing status as a leading digital asset hub. He emphasized the importance of continuous innovation in the financial sector to maintain Switzerland's competitive edge. Founded in 2017, Sygnum holds a banking license in Switzerland and has capital market services and major payment institution licenses in Singapore. The banking group manages over $5 billion in total client assets and previously secured $40 million in funding from investors like the Italian asset management group Azimut Holding.