Sygnum Achieves Unicorn Status with Impressive $58 Million Capital Raise
In an exciting development for the cryptocurrency sector, Sygnum, a leading digital asset bank, has successfully secured funding from cornerstone investor Fulgur Ventures, a venture capital firm specializing in Bitcoin. This latest funding round highlights Sygnum’s growing influence and its commitment to expanding its services in the rapidly evolving financial landscape.
Funding Details and Financial Growth
The recent funding round builds on Sygnum’s impressive trajectory, following a $40 million raise in January last year, which valued the company at approximately $900 million. This marked a significant increase from its previous $90 million Series B round in October 2022.
Record Performance in FY 2024
Sygnum has reported its first profitable year in fiscal year 2024, showing remarkable growth in its client base. The bank now serves over 2,000 institutional clients across more than 70 countries, managing approximately $5 billion in client assets.
- Total annual trades on the Sygnum platform surged by more than 1,000% year-over-year.
- Partnerships with PostFinance and over 20 banks have enabled Sygnum to provide regulated crypto services to over a third of the Swiss population.
Innovative Product Launches
In July 2024, Sygnum introduced Sygnum Connect, a 24/7 multi-asset settlement network. Initial members include:
- AsiaNext – a digital asset exchange
- Hidden Road – a prime broker
Additionally, Sygnum launched Sygnum Protect, a collateral shielding product designed specifically for institutional crypto investors, enhancing its service offerings.
Future Plans and Market Strategy
According to Mathias Imbach, co-founder and group CEO of Sygnum, achieving unicorn status is a significant endorsement of their business model and strategy. He emphasized the need for Switzerland to innovate continuously and attract talent and capital to maintain its position as a leading digital asset hub.
Imbach stated that the capital raised will be utilized for:
- Expanding into multiple regions, including the EU and Hong Kong.
- Enhancing the product portfolio with a focus on Bitcoin technology.
- Pursuing M&A activities to strengthen market presence.
For more insights on the digital asset market, you can check out CoinDesk and Forbes Crypto.
