Sygnum, a regulated digital currency bank based out of Switzerland has raised $90 million in a Series B financing round, which elevated the company’s valuation to $800 million. The funding round was led by prominent alternative investment firms, including Sun Hung Kai & Co., Animoca Brands, and SBI Holdings.
Key takeaways:
- According to Sygnum’s press release, the company had excellent business results in 2021. Gross consolidated revenues increased by 1000%, while assets under administration (AUA) surpassed $2 billion on the heels of a considerable increase in the number of corporate clients.
- Sygnum is an all-encompassing banking and financial services company that provides a myriad of crypto products, ranging from spot and derivatives trading to crypto collateralized fiat loans and custody solutions.
- Sygnum’s employees and executives have participated in the latest funding round, which was the case in the earlier financing round as well. Personnel of Sygnum have thus managed to retain a majority ownership stake in the bank even after the Series B round.
- The Swiss bank focused on crypto-related services said that the newly acquired capital will go towards expansion in the Web 3.0 space “including DeFi, NFTs, play-to-earn gaming and the metaverse.”
- Swiss authorities have been particularly favorable to crypto in the recent past. In September of last year, Swiss financial regulators have green-lighted the creation of the country’s first digital asset fund, named the Crypto Market Index Fund. Later in the year, in mid-December, BBVA Switzerland became the first traditional bank in Europe to provide Ethereum trading and custody services.
