Sygnum, a leading crypto banking group headquartered in Switzerland, has successfully closed a $40 million funding round, propelling its valuation to $900 million.
Sygnum, a leading crypto banking group headquartered in Switzerland, has successfully closed a $40 million funding round, propelling its valuation to $900 million. The funding round was spearheaded by investment manager Azimut Holdings.
The proceeds from this round will be strategically allocated to fuel Sygnum's expansion into new markets across Europe and Asia, catering to the growing demand for regulated and secure crypto banking services.
Mathias Imbach, Sygnum's co-founder and CEO, expressed his gratitude for the unwavering trust placed in the company by its investors, particularly in the face of challenging macroeconomic conditions. He emphasized that Sygnum's unwavering focus on building trust through regulation and sound governance has served as a guiding principle throughout various market cycles.
Gerald Goh, Sygnum's co-founder and CEO of its Singapore office, said:
“The broader industry is emerging from the ‘crypto winter’ and investors and market participants are increasingly seeking to partner with trusted and well-managed financial institutions. For Sygnum, this fundraise will allow us to further build out our suite of fully regulated solutions to support investors as they increase their exposure to the asset class.”
In January 2022, the company was valued at $800 million after closing a $90 million funding round. Since then, the bank's assets under management have witnessed a substantial surge, reaching $4 billion, with a diverse client base of 1,700 individuals and institutions from over 60 countries.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators.
This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice.
The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
