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Cryptocurrency bank Sygnum announced today that it has secured over $40 million in a mid-stage financing round led by Milan-based asset management firm Azimut Holding, valuing the company at $900 million. A statement shared by the company said the amount raised exceeded its $35 million goal. The capital raise will enable it to further build a suite of fully regulated solutions to support investors increasing their exposure to the asset class. Sygnum intends to use the newly raised funds to drive the bank’s expansion into new markets and further develop its regulated products, such as interbank digital asset services.
Gerald Goh, co-founder and CEO of Sygnum Singapore, said Sygnum plans to enter one market in Europe and another in the Asia-Pacific region, but the company could not disclose further details due to regulatory obligations. Switzerland- and Singapore-based Sygnum Bank, which has also received operating licenses in Abu Dhabi and Luxembourg, currently manages more than $4 billion worth of assets for more than 1,700 clients from 60 countries, according to the statement.
Cryptocurrency bank Sygnum announced today that it has secured over $40 million in a mid-stage financing round led by Milan-based asset management firm Azimut Holding, valuing the company at $900 million. A statement shared by the company said the amount raised exceeded its $35 million goal. The capital raise will enable it to further build a suite of fully regulated solutions to support investors increasing their exposure to the asset class. Sygnum intends to use the newly raised funds to drive the bank’s expansion into new markets and further develop its regulated products, such as interbank digital asset services.
Gerald Goh, co-founder and CEO of Sygnum Singapore, said Sygnum plans to enter one market in Europe and another in the Asia-Pacific region, but the company could not disclose further details due to regulatory obligations. Switzerland- and Singapore-based Sygnum Bank, which has also received operating licenses in Abu Dhabi and Luxembourg, currently manages more than $4 billion worth of assets for more than 1,700 clients from 60 countries, according to the statement.
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