Crypto bank Sygnum hits unicorn status with new $58M raise
Cryptocurrency banking group Sygnum is preparing to enter multiple markets after securing $58 million in an oversubscribed strategic growth round.
Sygnum has achieved unicorn status with a post-money valuation of more than $1 billion, the company said in an announcement shared with Cointelegraph on Jan. 14.
Sygnum plans to enter multiple regions with fresh proceeds, develop Bitcoin (BTC)-focused products and pursue strategic acquisitions.
Fulgur Ventures, a cornerstone investor in the final close of Sygnum’s strategic growth round, is known for backing major industry platforms like Blockstream, the creator of a Liquid Network, a Bitcoin layer-2 solution.
Sygnum continues to hold majority ownership
In addition to Fulgur Ventures, other strategic and financial investors and Sygnum team members participated in the funding round.
According to the announcement, Sygnum’s co-founders, board and team members continue to hold majority ownership of the company.
The proceeds from the funding round will support Sygnum’s expansion into the European Union and the European Economic Area, as well as its establishment of a regulated presence in Hong Kong.
Massive surge in crypto trades on Sygnum in 2024
A key driver of the oversubscribed strategic growth round was Sygnum’s multiyear business growth, the firm said.
In 2024, Sygnum’s total trades surged by more than 1,000% year-over-year, significantly contributed to by the company’s collaboration with Swiss state-owned bank PostFinance.
Apart from PostFinance, Sygnum is working with at least 20 banks on its business-to-business platform, providing regulated crypto services to more than a third of the Swiss population, according to the announcement notes.
The growth also marks successful collaborations with digital asset exchange AsiaNext and prime broker Hidden Road for Sygnum’s 24/7 multi-asset settlement network, Sygnum Connect.
Switzerland is “losing ground as a preferred digital asset hub.”
While Sygnum’s unicorn status validates its business model, the company’s CEO expressed concerns that Switzerland is losing its competitive edge as a major crypto asset hub.
“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,” Sygnum co-founder and Group CEO Mathias Imbach said.
“Sygnum’s mission is only at the very beginning,” he added.
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Founded in 2017, Sygnum holds a banking license in Switzerland and has capital market services and major payment institution licenses in Singapore.
The banking group has over $5 billion in total client assets and previously received $40 million in funding from investors like the Italian asset management group Azimut Holding in January.
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