Cryptocurrency bank Sygnum completes US$58 million in strategic financing, with valuation exceeding US$1 billion

PANews reported on January 14 that Sygnum, a crypto bank headquartered in Switzerland and Singapore, announced the completion of strategic financing of US$58 million, with a valuation exceeding US$1 billion, officially joining the ranks of unicorns. The financing was led by Fulgur Ventures, which focuses on Bitcoin technology, with new and old investors and team members participating in the financing. Funds will be used to expand the product portfolio (with a focus on Bitcoin technology), enhance compliance capabilities, expand institutional infrastructure, and explore strategic acquisition opportunities.

Sygnum plans to strengthen its European operations and establish a regulated facility in Hong Kong. The bank currently manages more than $5 billion in assets and serves more than 2,000 clients in 70 countries. In 2024, Sygnum will achieve full-year profitability, with total transaction volume increasing by more than 1,000% year-on-year.