The post Swiss Crypto Bank Sygnum Joins Unicorn Club With $58 Million Growth Round appeared on BitcoinEthereumNews.com.

Swiss digital asset banking group Sygnum has raised $58 million in an oversubscribed strategic growth round, pushing its valuation beyond $1 billion. Bitcoin-focused venture capital firm Fulgur Ventures led the final close as cornerstone investor, joining new and existing strategic investors alongside Sygnum team members. Notably, the co-founders, board, and team members maintain majority ownership. The banking group manages over $5 billion in total client assets, with trading volumes surging more than 1,000% year-over-year in 2024, according to a statement shared with Decrypt. This was achieved through Sygnum’s partnership with PostFinance, which began in April 2023, the statement claims. Despite these milestones, Sygnum co-founder and group CEO Mathias Imbach believes that Switzerland, at a broader level, is “losing ground to other jurisdictions.” This means that the country should “not ignore the importance of continuous innovation in the financial sector,” Imbach said. The growth round will fuel Sygnum’s expansion into EU/EEA markets and launch its regulated presence in Hong Kong. The company said that it plans to broaden its institutional infrastructure and expand its Bitcoin-focused product portfolio, as demand for regulated crypto services continues to grow. Last year in July, Sygnum launched its 24/7 multi-asset settlement network, Sygnum Connect, partnering with digital asset exchange AsiaNext and prime broker Hidden Road. Following that, the company also introduced Sygnum Protect, enabling institutional clients to trade on major crypto exchanges while holding collateral in bank-grade custody. “Confidence without attitude” Having hit unicorn status with its latest round is both a “strong validation” of Sygnum’s strength and a signal for the bank to keep showing “confidence without attitude,” Imbach stated. In June 2023, Swiss authorities seized $26 million in crypto assets held at Sygnum Bank by executives of collapsed crypto project Terraform Labs. This doubled previous estimates of funds held by former Terraform Labs CEO…

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Filed under: News - @ January 14, 2025 10:23 pm