Swiss-based digital asset bank Sygnum has secured $58 million in an oversubscribed Strategic Growth Round, elevating its valuation to over $1 billion and earning the title “unicorn.”
The funding announced on January 14 was led by Fulgur Ventures, a Bitcoin-focused venture capital firm, with participation from new and existing investors and Sygnum’s team members.
Sygnum’s CEO, Mathias Imbach, described the milestone as a testament to the bank’s business model, strategy, and team efforts.
“While it is an achievement we are very proud of, it won’t alter the values of integrity and humility, and the importance of displaying confidence without attitude at all times, which have acted as our true-north since day one.”
he stated.
The funds will support Sygnum’s expansion into the European Economic Area (EEA) and Hong Kong, enhancing its Bitcoin services and expanding its product range.
In a research report from December 2024, Sygnum highlighted that many large institutional investors have not yet entered the crypto ecosystem. This presents significant growth potential, with the opportunity for substantial price appreciation driven by their engagement. The bank also predicted that Bitcoin, especially with the emergence of spot exchange-traded funds, would outperform altcoins in future market cycles.
Founded in 2018, Sygnum recently reported impressive achievements, building on its profitable performance in the first half of 2024. During this period, the bank experienced significant growth across its services. Crypto derivatives trading surged by 500%, while spot trading volumes doubled compared to the same period in 2023. Loan volumes increased by 360%, processing over 1,000 trades daily. Martin Burgherr, Sygnum’s Chief Clients Officer, attributed this growth to the approval of Bitcoin and Ethereum ETFs, calling it a “watershed moment” for the crypto industry in 2024. He also noted a substantial year-to-date increase in the firm’s core business areas. The firm’s core business areas experienced significant growth in the first half of the year.
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