Swiss digital asset bank Sygnum is reporting a $58 million funding round at a $1 billion valuation.
According to Sygnum, the funding round was oversubscribed.
The lead investor was Bitcoin-focused VC Fulger Ventures. Others participating in the ournd include new and existing investors as well as Sygnum executives. Founders and board members continue to hold majority ownership in the firm.
The capital infusion is expected to be used to expand the bank’s geographic reach while boosting its product portfolio including Bitcoin tech and potential acquisition. Sygnum noted its “regulated presence” in Hong Kong as well as its intent to grow within the EU/EEA market.
Sygnum currently reports over $5 billion in client assets.
Without providing specifics, Sygnum touted platform growth, noting that total annual trades in 2024 increased by more than 1,000% YoY, propelled by PostFinance and the 20+ banks on its B2B platform providing regulated crypto services to more than a third of the Swiss population.
In July 2024, Sygnum launched Sygnum Connect, a 24/7 multi-asset settlement network, with members at launch, including digital asset exchange AsiaNext and prime broker Hidden Road.
Focusing on institutions, the firm has launched Sygnum Protect, which enables firms to continue trading on major crypto exchanges while holding their flexible choice of collateral in secure, bank-grade and bankruptcy-remote custody with Sygnum.
Mathias Imbach, Sygnum co-Founder and Group CEO, said that reaching Unicorn status is validation by the market of their business model and team.
“While it is an achievement we are very proud of, it won’t alter the values of integrity and humility, and the importance of displaying confidence without attitude at all times, which have acted as our true-north since day one. 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 and to continue to attract talent and capital to remain relevant in the long-term. In that way, Sygnum’s mission is only at the very beginning.”
In FY 2024, Sygnum reported operational profitability and over 2,000 institutional clients domiciled in over 70 countries, serviced through its regulated operations in Switzerland, Singapore, and Abu Dhabi.
The group is also regulated in Luxembourg and Liechtenstein’s financial hubs.