Sygnum Crypto Bank Secures $40 Million, Valued at $900 Million

Swiss-regulated cryptocurrency bank Sygnum has raised over $40 million in an interim strategic funding round led by Milan-based asset manager Azimut Holding.

? News: Sygnum raises more than USD 40 million in interim close of oversubscribed financing round.
Read the full announcement here: https://t.co/v2XD4duICY #fundrasing #sygnum

— Sygnum Bank (@sygnumofficial) January 25, 2024

The funds raised exceeded the target of $35 million, the company noted in a conversation with The Block. Investors valued the project at $900 million.

Gerald Goh, CEO and co-founder of Sygnum’s Singapore branch, expressed confidence that the industry is “waking up” after the crypto winter, with market participants increasingly seeking partnerships with reliable and well-managed financial institutions.

The company plans to use the funds to explore new markets and further develop regulated products, including those aimed at interbank interactions with digital assets.

In addition to Switzerland and Singapore, Sygnum holds licenses to operate in Abu Dhabi and Luxembourg. The company manages assets worth over $4 billion, serving more than 1,700 clients from 60 countries.

In early 2022, the crypto bank closed a Series B round raising $90 million, valuing the company at approximately $800 million.

Earlier in April 2023, Sygnum partnered with PostFinance to offer the Swiss lender’s clients services for trading and storing digital assets.