Sygnum Raises Over $40 Million in Funding at $900 Million Valuation

In a significant development for the cryptocurrency world, Sygnum, the Swiss-based cryptocurrency bank, has secured over $40 million in funding during an interim close of its financing round. This remarkable achievement has not only exceeded the company's initial goal of $35 million but has also boosted Sygnum's valuation to a staggering $900 million.

The funding round was led by Milan-based asset manager Azimut Holding, underlining the growing interest from investors in well-regulated cryptocurrency institutions. Gerald Go, the CEO, and co-founder of Sygnum Singapore, expressed confidence in the industry's resurgence post-crypto winter, with market participants increasingly seeking partnerships with reliable and well-managed financial institutions.

Sygnum plans to allocate the raised capital towards expanding into new markets and further developing its range of regulated products, including those tailored for interbank interactions involving digital assets.

Beyond Switzerland and Singapore, Sygnum holds operational licenses in Abu Dhabi and Luxembourg. With over $4 billion in assets under management and a client base spanning 60 countries, the company continues to establish itself as a global player in the cryptocurrency banking sector.

This latest financing success follows Sygnum's $90 million Series B funding round in early 2022 when the company was valued at approximately $800 million. In April, Sygnum entered into a strategic partnership with PostFinance to offer trading and custody services for digital assets to the Swiss lender's clients, further solidifying its presence in the industry.