Swiss Crypto Banking Group Sygnum Secures $40 Million in Funding, Valued at $900 Million

Swiss-based crypto banking group Sygnum has successfully closed a $40 million funding round, pushing the company's valuation to an impressive $900 million. Led by investment manager Azimut Holdings, the round attracted significant support from various investors. Sygnum plans to utilize the funds to extend its services into new markets across Europe and Asia.

Expressing gratitude for the successful funding round, Mathias Imbach, Sygnum’s co-founder and CEO, highlighted the company's commitment to building trust through regulatory compliance and good governance. He stated, "Our strategy to build trust via regulation and good governance has guided us throughout all market cycles."

This latest funding round follows a $90 million round in January 2022, which valued Sygnum at $800 million. Since then, the crypto banking group has seen substantial growth, with its assets under management reaching $4 billion and a client base expanding to 1,700 individuals from over 60 countries.

"The broader industry is emerging from the 'crypto winter,' and investors and market participants are increasingly seeking to partner with trusted and well-managed financial institutions," remarked Gerald Goh, Sygnum’s co-founder and CEO of its Singapore operations. He added that the funds raised would further enable Sygnum to expand its suite of fully regulated solutions, supporting investors as they increase their exposure to the crypto asset class.

In April of the previous year, Sygnum actively participated in a $23 million fundraising round for staking provider P2P.org. The latter is focused on developing an intermediary-focused infrastructure platform, leveraging the recent Shanghai upgrade of Ethereum to enhance user experience in staking and fuel expansion initiatives.

Sygnum's success in securing additional funding underscores the growing interest in well-regulated financial institutions within the cryptocurrency space. The company's strategic approach aligns with the increasing demand for trustworthy partners in the evolving crypto industry.

By fLEXI tEAM