Crypto Bank Sygnum Reaches a $900M Valuation
Sygnum, a cryptocurrency bank regulated in Switzerland, has successfully raised over $40 million in a funding round led by Azimut Holding, an asset manager based in Milan.
This amount surpassed the initial target of $35 million, and has valued the company at $900 million, according to a conversation with The Block. Gerald Goh, CEO and co-founder of Sygnum’s Singapore division, believes that the industry is slowly recovering from the “crypto winter” and more market players are seeking partnerships with trusted and well-managed financial institutions.
The raised funds will be used to expand into new markets and further develop regulated products, with a focus on facilitating interbank interactions with digital assets.
Aside from Switzerland and Singapore, Sygnum also has the necessary permits to operate in Abu Dhabi and Luxembourg. With over $4 billions in assets under management and over 1,700 clients in 60 countries, the company has established a global presence.
