Encrypted bank Sygnum completes $58 million strategic financing, valuation breaks through $1 billion

PANews reported on January 14, according to The Block, that the crypto bank Sygnum, headquartered in Switzerland and Singapore, has completed a strategic financing of $58 million. Its valuation has exceeded $1 billion, officially joining the ranks of unicorns. This round of financing was led by Fulgur Ventures which focuses on Bitcoin technology. The funds will be used to expand its product portfolio (with a focus on Bitcoin technology), enhance compliance capabilities, expand institutional infrastructure and explore strategic acquisition opportunities.

Sygnum plans to strengthen its European business and establish regulated institutions in Hong Kong. The bank currently manages over $5 billion in assets and serves more than 2,000 customers from 70 countries. By 2024, Sygnum achieved annual profits with an annual growth rate exceeding 1000% for traded products.