Sygnum, a cryptobank with offices in Switzerland and Singapore, closed a Series B round after raising 40 million dollars. Thus, the group was valued at $900 million. Let's take a closer look at these figures.
Cryptobank Sygnum has valued itself at $900 million dollars
Sygnum, a cryptobank with offices in Zurich, Switzerland as well as Singapore, officially announced that it has raised $40 million to close its Series B.
This amount exceeds the initial target of $35 million, bringing the group's valuation to $900 million. This funding round comes 2 years after another $90 million round in 2022, which valued Sygnum at $800 million.
Gerald Goh, co-founder and CEO of Singapore-based Sygnum, says the injection of new capital will allow Sygnum to diversify its offerings, especially now that the bear market seems to be on the wane:
"As the sector emerges from the crypto winter, there is a growing interest among investors and market participants to partner with reliable and well-managed financial institutions. This funding round will allow Sygnum to expand and enhance its suite of fully regulated solutions, providing critical support to investors who are increasing their participation in this asset class."
The bank currently provides cryptocurrency services to more than 15 global financial institutions. It has more than $4 billion US under management on behalf of more than 1,700 people in 60 countries.
Sygnum is targeting $100 million in sales in 2023 and currently employs 250 people.
Azimut Holding, which led the recent funding round and acted as the main investor, has taken the lead, although the specific amount invested has not yet been disclosed. Giorgio Medda, CEO of the asset management company, expressed optimism about blockchain technology:
"Our confidence in technological advances and their favorable impact on the investment landscape fuels our enthusiasm in supporting Sygnum's expansion. Participating in this funding round strengthens our position as a prominent financial institution in the digital asset space."
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