Sygnum soars, securing $40M in a strategic round, fueling expansion plans and solidifying its crypto banking prowess.
Sygnum, the Switzerland-based crypto banking group, has successfully concluded a funding round, securing $40 million and elevating the company’s valuation to $900 million.
Expressing gratitude for the trust placed in them by investors, Mathias Imbach, Sygnum’s co-founder and CEO, stated, “Closing a successful funding round in this macro environment with such strong partners is exciting. Our strategy to build trust via regulation and good governance has guided us throughout all market cycles.”
The leading position in this round was taken by investment manager Azimut Holdings, and Sygnum has outlined plans to deploy the raised capital for expanding its offerings into untapped markets in Europe and Asia.
In a previous funding round in January 2022, Sygnum had concluded a $90 million round, which valued the firm at $800 million. Since that round’s closure, the bank’s assets under management have experienced substantial growth, reaching $4 billion, with a client base spanning 1,700 individuals from more than 60 countries.
Gerald Goh, Sygnum’s co-founder and CEO of its Singapore operations, highlighted the industry’s emergence from the ‘crypto winter’ and the growing inclination of investors and market participants toward reputable and well-managed financial institutions. Goh stated, “For Sygnum, this fundraise will allow us to further build out our suite of fully regulated solutions to support investors as they increase their exposure to the asset class.
P2P is actively engaged in developing an innovative infrastructure platform focused on intermediaries. Leveraging Ethereum’s recent Shanghai upgrade, the platform aims to enhance the staking user experience and fuel expansion initiatives.