Swiss cryptocurrency bank Sygnum has succeeded in raising 35 million Swiss francs (approximately $41 million) through a new funding round. The fresh capital injection will support Sygnum’s strategic expansion initiatives, as it looks to strengthen its presence in new geographical territories in Europe and Asia. The funds will also enable Sygnum to pursue potential acquisitions, allowing it to broaden its portfolio of digital asset services.
The successful funding round, led by asset management firm Azimut Holding, values Sygnum at around 725 million Swiss francs ($838 million). This valuation aligns with the company’s previous funding round in January 2022, indicating steady investor confidence in Sygnum despite the turbulence endured by the cryptocurrency market in 2022.
According to Gerald Goh, co-founder, and CEO of Sygnum Singapore, the company aims to enter one additional European country and one more Asian jurisdiction over the next year, subject to securing the required regulatory approvals. Goh noted that Sygnum is exploring acquisition opportunities in Europe that align with and complement its existing digital asset banking, asset management, and cryptocurrency brokerage activities.
The capital raised allows Sygnum to accelerate its growth at a time when the landscape for cryptocurrency venture funding has been challenging. The 2022 downturn in digital asset markets and high-profile crypto failures have made investors more cautious. However, Sygnum has demonstrated resilience, doubling its client base to over 1,700 and growing assets under management to approximately 3.7 billion Swiss francs over the past two years based on provisional year-end data.
While venture investment in crypto firms has declined from its 2021 heights, Sygnum’s ability to attract new backing shows investor appetite remains for regulated companies building compliant cryptocurrency financial services. The funding provides fuel for Sygnum’s expansion at a pivotal time for the maturing crypto industry.
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