SCRYPT, a provider of crypto asset financial services, has announced the successful close of a $5 million strategic funding round led by Braza Bank. Venture capital firms, including Funfair Ventures, Cabrit Capital, and Atlantic Labs, also participated.
The firm is also pleased to announce “that it has doubled its client book and seen trading volume increase 18 times year on year.”
Founded in 2020 by entrepreneurs Norman Wooding and Sylvan Martin, SCRYPT has evolved from a basement startup to a a key player focused on the Swiss fintech sector.
Securing billions in trading volume, the company now “offers a comprehensive suite of crypto services, including trading, custody, and staking.”
SCRYPT services over 200 institutional clients and recently “received Swiss regulatory approval to launch asset management solutions, with SCRYPT Digital Investments AG, receiving a portfolio manager license from the Swiss Financial Market Supervisory Authority (FINMA) in July of 2023.”
Norman Wooding, Founder & CEO of SCRYPT, states:
“We are pleased to confirm that 2024 is off to a strong start at SCRYPT, with the close of a strategic investment from Braza Bank and significant growth across all verticals in the business. I am excited for SCRYPT’s future, especially as we expand into LATAM and capitalize on the region’s booming crypto market. The participation of Braza Bank, a leader in FX and cross-border payments, underscores the strength of our partnership and the increasing adoption of crypto by institutions. Since our inception in 2020, we’ve transformed from an underdog into an industry leader that is trusted by our clients. This capital injection empowers us to seize market opportunities with renewed vigor and continue building on our success.”
Marcelo Sacomori, Founder & CEO of Braza Bank, added:
“Choosing SCRYPT as our partner to launch our cryptocurrency services was a strategic and natural decision. Their exceptional expertise in the crypto asset space, coupled with their robust, regulated infrastructure, establishes SCRYPT as an invaluable partner for Braza Bank as we introduce these cutting-edge services to our millions of customers.’’
Sylvan Martin, Founder & COO of SCRYPT, also commented:
“This funding round marks a pivotal moment for us and comes at a time when we have more than doubled our team and operational capacity in the Company. This investment and the momentum we are seeing validates our strategy and execution thus far and is a clear signal that the market believes in our vision We are poised to scale our operations and enhance our product offerings to meet the growing demands of our clients worldwide, and I am incredibly proud of the SCRYPT team for getting us here.”
As noted in the update, SCRYPT is a Swiss licensed financial service provider “with a focus on institutional-grade crypto asset services.”
They aim to empower institutions and Web3 companies “with comprehensive access to the crypto asset landscape.”
