Swiss crypto-focused bank Sygnum secured $58 million in a new funding round, reaching a post-money valuation exceeding $1 billion.
Details of the Funding Round
The round was led by venture capital firm Fulgur Ventures, specializing in Bitcoin technologies, alongside other new and existing strategic investors, including Sygnum’s co-founders, board members, and team, who retained majority ownership. This funding follows a $40 million interim round in January 2024, which increased the company's valuation to $900 million, and a $90 million Series B round in 2022.
Plans for Use of Funds
The funds will be used to expand Sygnum's Bitcoin-focused product portfolio, institutional infrastructure, and strengthen compliance efforts. The company also plans strategic acquisitions, broadening its European footprint, and establishing a regulated presence in Hong Kong. Sygnum intends to acquire new licenses in Europe under the MiCA regulations.
Operational Achievements and Expansion
In July, Sygnum reported its first half-year profit, driven by increased trading volumes due to the debut of bitcoin exchange-traded funds and ether approvals in the U.S. The crypto bank plans to expand in Asia via its fully-regulated digital asset financial services platform in Singapore. Additionally, Sygnum sees increasing crypto transfer volumes and successful 'Staking-as-a-Service' performance, particularly with the approval of spot Ethereum ETFs in the U.S.
Sygnum continues to strengthen its position in the crypto banking sector, focusing on institutional and professional clients. The $58 million raise signifies investor confidence and provides the bank with opportunities for further growth and expansion.
