Sygnum, a prominent cryptocurrency banking group, has recently secured a substantial funding of $58 million through an oversubscribed strategic growth round, marking a significant milestone in its expansion strategy. With this capital infusion, Sygnum has achieved unicorn status, boasting a post-money valuation exceeding $1 billion. The firm intends to leverage these funds to penetrate new markets, develop products centered around Bitcoin , and pursue strategic acquisitions.
Key participants in this funding round included Fulgur Ventures, a cornerstone investor recognized for supporting prominent industry platforms, among other strategic and financial contributors. Notably, Sygnum’s co-founders and team members continue to retain majority ownership of the company, underscoring their commitment and confidence in its future direction.
The capital raised will be instrumental in facilitating Sygnum’s growth within the European Union and the European Economic Area, as well as establishing a regulated operating presence in Hong Kong. In 2024, the company reported an extraordinary increase in trading activity, with total trades rising by over 1,000% year-over-year. This surge is largely attributed to a collaboration with PostFinance, a Swiss state-owned bank, and Sygnum’s efforts to partner with at least 20 banks in Switzerland to provide regulated crypto services to a significant portion of the population.
However, despite its successes and unicorn valuation, Sygnum’s leadership has expressed concerns regarding Switzerland’s diminishing position as a leading hub for digital assets. They emphasize the necessity for Switzerland to embrace ongoing innovation within the financial sector to maintain its competitive advantage in the global crypto landscape.
Founded in 2017, Sygnum holds a banking license in Switzerland and possesses multiple licenses in Singapore. With total client assets surpassing $5 billion, the company continues to expand its influence and capabilities within the rapidly evolving digital asset space.