Sygnum Raises Over $40 Million in Funding Round
Sygnum Bank, a cryptocurrency-focused banking group, has announced that it has secured over $40 million in a strategic funding round. This funding has now boosted the bank’s valuation to over $900 million.
It is worth noting that this funding round was led by Azimut Holding, an asset management company based in Milan. The amount raised exceeded the initial target of $35 million.
“The sector as a whole is emerging from the ‘crypto winter’, and investors and market players are increasingly looking to partner with trusted and well-managed financial institutions.”
said the CEO of Sygnum’s Singapore branch
This funding round is a significant milestone for Sygnum, reflecting the growing confidence of investors in regulated financial institutions operating in the crypto space. Furthermore, this recent funding follows a previous funding round conducted in January 2022, where the company raised over $90 million.
Sygnum’s Objectives After This Funding Round
Sygnum, which has bases in Switzerland and Singapore, currently manages assets worth over $4 billion for more than 1,700 clients in 60 countries.
With this new capital, Sygnum plans to expand its operations to new markets and further develop its regulated products, such as its digital banking services.
Gerald Goh, co-founder and CEO of Sygnum’s Singapore branch, emphasized that this funding round will enable the bank to strengthen its offering of regulated solutions to support investors increasing their exposure to digital assets.