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Swiss-Singapore digital asset bank Sygnum has announced the successful completion of a $58 million strategic growth funding round, propelling its valuation beyond the $1 billion mark and earning it the coveted "unicorn" status, the company announced on Tuesday.
This substantial investment underscores the growing institutional interest in regulated digital asset services and positions Sygnum for significant expansion in the coming year.
The funding round saw strong participation from both new and existing investors, including a key cornerstone investment from Fulgur Ventures, a venture capital firm specializing in Bitcoin technologies. This partnership highlights Sygnum's strategic focus on Bitcoin-related products and services, recognizing the increasing convergence of Bitcoin and traditional financial markets. Notably, Sygnum team members also participated in the round, aligning their interests with the company's future success.
The newly acquired capital will be strategically deployed to fuel several key initiatives. Sygnum plans to expand its regulated presence into the EU/EEA and Hong Kong, broadening its reach and catering to a wider client base. A significant portion of the funds will also be dedicated to enhancing its product portfolio, with a particular emphasis on developing innovative Bitcoin-based technologies and financial products. Sygnum also intends to pursue strategic acquisitions to further solidify its market position.
"As Switzerland is currently losing ground to other jurisdictions as a preferred digital asset hub, it is also our obligation to highlight the need for Switzerland to not ignore the importance of continuous innovation in the financial sector and to continue to attract talent and capital to remain relevant in the long-term. In that way, Sygnum’s mission is only at the very beginning," Mathias Imbach, Sygnum co-founder and group CEO, said.
In 2024, Sygnum's trading volumes experienced a remarkable surge, with annual trades increasing by over 1,000% year-over-year. This growth was driven in part by partnerships with PostFinance and over 20 other banks on its B2B platform, providing regulated crypto services to a substantial portion of the Swiss population. The company also raised $40 million in a funding round in January 2024, at a post-money valuation of $900 million.
The company has also been actively developing new platforms and services, including Sygnum Connect, a 24/7 multi-asset settlement network, and Sygnum Protect, a platform offering secure custody solutions for institutional clients trading on major crypto exchanges.
Sygnum's Singapore arm recently partnered with trading platform Moomoo Singapore to distribute its Digital Asset Multi-Manager Fund (DAMMF) to accredited investors on the Moomoo platform.
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