Swiss crypto bank Sygnum raises $90 million

The Swiss-regulated cryptocurrency bank Sygnum has closed a $90 million Series B funding round. The company’s valuation stood at roughly $800 million.

📢News: Sygnum Bank closes USD 90m Series B 🚀

Many thanks to our investors Sun Hung Kai & Co., Meta Investments, @SBI_DAH @SCB10X_OFFICIAL, @animocabrands & Wemade that made this milestone possible! 📈

Read the full announcement here 👇https://t.co/EKnMYRvAHc

— Sygnum Bank (@sygnumofficial) January 6, 2022

The funding round was led by Hong Kong financial firm Sun Hung Kai & Co., with participation from Animoca Brands, WeMade, SBI Holdings, Meta Investments and others.

The funds will be directed toward developing staking solutions, asset-management offerings with access to DeFi, and the creation of new commercial relationships with leading blockchain ecosystems.

In 2021, the bank’s gross revenue grew tenfold, assets under management rose to more than $2 billion. The crypto bank’s client base approached 1,000 institutions.

In June 2021, Sygnum expanded its suite of services, custody and trading of DeFi project tokens. Support was extended to Aave, Aragon, Curve, Maker, Synthetix, Uniswap and 1inch Network.

In July, Sygnum became the first bank to offer Ethereum 2.0 staking for clients.

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