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.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
New spot margin trading pair — HOLO/USDT!
FUN drops by 32.34% within 24 hours as it faces a steep short-term downturn
- FUN plunged 32.34% in 24 hours to $0.008938, marking a 541.8% monthly loss amid prolonged bearish trends. - Technical breakdowns, elevated selling pressure, and forced liquidations highlight deteriorating market sentiment and risk-off behavior. - Analysts identify key support below $0.0080 as critical, with bearish momentum confirmed by RSI (<30) and MACD indicators. - A trend-following backtest strategy proposes short positions based on technical signals to capitalize on extended downward trajectories.
OPEN has dropped by 189.51% within 24 hours during a significant market pullback
- OPEN's price plummeted 189.51% in 24 hours to $0.8907, marking its largest intraday decline in history. - The token fell 3793.63% over 7 days, matching identical monthly and yearly declines, signaling severe bearish momentum. - Technical analysts cite broken support levels and lack of bullish catalysts as key drivers of the sustained sell-off. - Absence of stabilizing volume or reversal patterns leaves the market vulnerable to further downward pressure.
New spot margin trading pair — LINEA/USDT!
Trending news
MoreCrypto prices
More
