Sygnum, a crypto-bank valued at $ 800 million
Sygnum, one of the first specialized banks in digital asset management, continues its development at great speed. She has just announced have successfully completed a Series B fundraising round, allowing him to lift $ 90 million. This fundraising brings its valuation over $ 800 million.
📢News: Sygnum Bank closes USD 90m Series B 🚀
Read the full announcement here 👇https://t.co/EKnMYRvAHc
– Sygnum Bank (@sygnumofficial) January 6, 2022
The tour de table was led by Sun Hung Kai & Co, a financial services company listed in Hong Kong. Other investors include Animoca Brands, SBI Holdings, the digital investment arm of Siam Commercial Bank, SCB 10X, and Canadian investment firm Meta Investments.
Uncommon thing, Sygnum employees also participated in the financing, as in all their previous fundraisers. In particular, this allows employees, co-founders and members of the board of directors “To continue to hold a majority stake in the company”, said Sygnum.
At the time of writing, this Series B tour Brings Sygnum’s Total Funding To Over $ 120 Million. Indeed, the bank had previously raised $ 30 million.
👉 To go further – Switzerland – The crypto-bank SEBA raises 22.5 million dollars
Crypto-banks, a booming activity
Sygnum is a regulated crypto-bank, with licenses in Switzerland and Singapore. It enables institutional and private investors, businesses, banks and other financial institutions to invest in the cryptocurrency economy.
During the year 2021, it noted considerable growth in its activity, similar to that of Bitcoin (BTC) and the rest of the market. Fueled by strong demand for its digital asset management service, the Swiss crypto-bank recorded a ten-fold increase in gross income from the previous year.
“The digital asset economy is rapidly crossing the chasm that leads to mainstream adoption, where investors will demand fully regulated solutions while accelerating their exposure,” said Mathias Imbach, co-founder and CEO of Sygnum.
The company records now more than 1,000 customers, ranging from private investors to institutions in the financial and banking sector. In addition, the volume of its assets under management well over $ 2 billion.
👉 On the same topic – Switzerland: regulators approve the organized trading system of the crypto-bank Sygnum
Funds to professionalize in DeFi
With this new capital in the treasury, Sygnum plans to continue expanding its service offering focused on decentralized finance (DeFi). It is in particular DeFi-focused asset management products, such as Arc, the institutional platform developed by the team in charge of the Aave loan protocol.
In addition, the Swiss crypto-bank will offer its clients to generate passive returns on their DeFi tokens, mainly through pools and staking protocols. Moreover, it was the first of its kind to launch a staking offer on Ethereum 2.0 to its customers.
“Savvy digital asset investors are increasingly looking for new opportunities at the frontiers of Web 3.0, including DeFi, NFT, Gambling and Metaverse,” said Gerald Goh, Co-Founder and CEO by Sygnum Singapore.
With the expertise of its team of engineers and blockchain researchers, the ambition is therefore to move towards new innovations with high potential growth, including non-fungible tokens (NFT), Web 3.0 or even the metaverse.
Once again, Swiss banking institutions continue to be at the forefront of cryptocurrency adoption. Last month, SEBA, another crypto-bank from across the Jura, used the Arc d’Aave platform to attract institutional investors.
👉 To learn more – Switzerland: SEBA Bank extends its cryptocurrency offer to decentralized finance (DeFi)
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