Crypto bank Sygnum has achieved a significant milestone by reaching a valuation of $900 million following a strategic funding round exceeding $40 million, led by Milan-based asset manager Azimut Holding. This funding, surpassing the initial target of $35 million, reflects Sygnum’s growing confidence in the crypto banking sector.
The funds raised will be focused on strategic initiatives aimed at entering new markets and enhancing existing product offerings. Sygnum plans to use the capital injection to strengthen its fully regulated solutions package and solidify its position as a trusted financial institution.
Gerald Goh, Co-Founder and CEO of Sygnum’s Singapore arm, emphasized the importance of this funding for enhancing Sygnum’s asset class orientation and regulated solutions. The strategic vision of Sygnum is to capitalize on opportunities in the crypto space and to enter new markets, with specific market details yet to be disclosed.
Sygnum’s initiative is part of the industry’s emergence from the ‘crypto winter’ and the increasing search for reputable collaborations by financial institutions. This funding round builds on the momentum created by Sygnum’s January 2022 Series B funding round, which included prominent Asian investors such as Sun Hung Kai & Co., Animoca Brands, and SBI Holdings.
Sygnum Bank operates in Switzerland and Singapore and holds business licenses in Abu Dhabi and Luxembourg. The bank manages assets of over $4 billion from more than 1,700 clients across 60 countries. The success and strategic market entries of Sygnum highlight the evolving dynamics in the crypto banking sector, positioning the bank advantageously to bridge the gap between traditional finance and the crypto ecosystem.