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.
David is a crypto enthusiast and an expert in personal finance. He has created numerous publications for different platforms. He loves to explore new things, and that’s how he discovered blockchain in the first place.
