Crypto Bank Sygnum Gets Unicorn Status With $58M Round
From coindesk By Jamie Crawley| Edited by Parikshit Mishra
What to know:
- Crypto bank Sygnum has closed a $58 million funding round giving it a valuation of over $1 billion and thus acquiring "unicorn" status.
- The round was led by BTC-focused venture capital firm Fulgar Ventures.
The crypto industry has a new "unicorn" in digital asset bank Sygnum, which has just closed a $58 million funding round.
The Zurich, Switzerland and Singapore-based lender closed an oversubscribed "strategic growth round," which was led by BTC-focused venture capital firm Fulgar Ventures, according to an emailed announcement on Tuesday.
The round gave Sygnum "unicorn" status, the term for a privately-owned startup with a valuation of $1 billion or more. The round comes around a year after Sygnum acquired a $900 million valuation on the back of a $40 million raise .
Sygnum, which is currently licensed in Luxembourg, Switzerland and Singapore, plans to use the new capital to expand its entry to the European market and initiate a regulated presence in Hong Kong.
The bank plans to expand its product base with a focus on Bitcoin technology and prepare the ground for acquisitions.
