Swiss Crypto Bank Sygnum Raises $40M, Nears $1B Valuation

Swiss-based crypto banking group Sygnum concluded a $40 million funding round, propelling its valuation to $900 million. The successful round, led by investment manager Azimut Holdings, signifies Sygnum's strategic approach amid market fluctuations.

Sygnum's Funding Journey

In January 2022, Sygnum secured $90 million, valuing the firm at $800 million. Since then, the bank's assets under management have surged to $4 billion, with a client base of 1,700 from over 60 countries.

Expansion Plans

The latest funds will fuel Sygnum's expansion into new European and Asian markets. CEO Mathias Imbach expressed gratitude for investor trust, emphasizing the company's commitment to building trust through regulation and governance.

Navigating the 'Crypto Winter'

Gerald Goh, CEO of Sygnum's Singapore operations, highlighted the industry's shift from the 'crypto winter.' As investors seek reliable financial institutions, Sygnum aims to use the funds to enhance its suite of fully regulated solutions, supporting increased exposure to the crypto asset class.

Sygnum's Involvement in P2P.org

In April last year, Sygnum participated in a $23 million fundraise for staking provider P2P.org. P2P.org is actively developing an intermediary-focused infrastructure platform, leveraging Ethereum's Shanghai upgrade to enhance staking user experience and facilitate expansion initiatives.

Summary:

Swiss Crypto Bank Sygnum has successfully raised $40 million in a funding round led by Azimut Holdings, bringing its valuation to $900 million. With plans to expand into new markets and a growing asset base of $4 billion, Sygnum navigates the evolving crypto landscape. However, sustaining trust through regulation remains crucial amid industry shifts.

While Sygnum's fundraising success and growth in assets are notable, maintaining trust in the ever-changing crypto market presents ongoing challenges for the bank.