Today Swiss headquartered digital asset bank Sygnum said it raised $58 million in its “Strategic Growth Round”, at a valuation of over $1 billion. Bitcoin venture capital firm Fulgur Ventures was the cornerstone investor, with unnamed new and strategic investors joining the round. It follows a $40 million funding at a $900 million valuation a year ago. Existing backers include Japan’s SBI and Siam Commercial Bank’s SCB 10X. The co-founders, board and team continue to own a combined majority.
Sygnum services 2,000 institutional clients and is a provider of crypto related services to more than 20 banks, including PostFinance, an arm of the Swiss post office. Through these relationships, annual trades increased by more than 1,000% in the past year. However, its total client assets have grown just 25% to $5 billion. That’s despite a 120% increase in the Bitcoin price in that timeframe.
Meanwhile, the proceeds will be used to expand its EU entry and to launch a presence in Hong Kong. The company recently landed a Liechtenstein crypto asset service provider (CASP) license last year and also has a presence in Switzerland, Singapore, UAE and Luxembourg. It also plans to add products that focus on Bitcoin technology.
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