Sygnum raises USD 58 million in oversubscribed growth round, boosting market expansion, product development, and regulatory compliance in digital assets.
Sygnum, a global digital asset banking group, has announced it raised USD 58 million in its oversubscribed Strategic Growth Round. This round values the company over 1 billion post-money. Sygnum team members were joined by other strategic, financial investors, who participated in the final close of the bootstrapped venture, including Fulgur Ventures, a Bitcoin focused venture capital firm. Sygnum will use the funds to propel its market expansion, product growth and strategic buyouts.
The proceeds will be used to support Sygnum’s entry into the EU/EEA regulated market in 2025 and establish a regulated presence in Hong Kong. The funds will also improve the company’s infrastructure and product portfolio regarding Bitcoin. Sygnum plans to invest in operational resilience, compliance teams, and risk management systems. This will help navigate the growing regulatory trends in the digital asset industry.
Sygnum Surpasses 2023 Revenue with 1,000% Yearly Growth in 2024
After impressive core business growth, Sygnum’s success with its Strategic Growth Round is no surprise. The company had already surpassed its 2023 revenues for all trading products, including crypto spot, derivatives, FX, and traditional securities by Q3 2024. In 2024, annual trades increased by over 1,000% compared to the previous year. This significant growth was primarily driven by Sygnum’s partnership with PostFinance and over 20 bank partners. As a result, more than a third of Switzerland’s population gained access to permitted crypto services.
The strong growth was also due to an increase in product launches from the company. Sygnum Connect, launched in July 2024, is a 24/7 multi-asset settlement network built with Sygnum members such as digital asset exchange AsiaNext and prime broker Hidden Road.
According to Sygnum co-founder and Group CEO Mathias Imbach, that might just be his most proud moment of their unicorn status. The company still focused on its core values of integrity and humility, he said, calling it a huge milestone. He said that Switzerland also needed to stay competitive in the realm of digital assets, calling for considerable innovation to attract talent and capital.
Sygnum has institutional infrastructure behind it that supports its strategic growth. It is committed to delivering regulated services for digital assets. The company has offices in Switzerland, Singapore, and Abu Dhabi and plans to locate more in Luxembourg and Liechtenstein. Sygnum is also still expanding its client base of over 2,000 institutional clients from more than 70 countries.
Source: https://www.livebitcoinnews.com/sygnum-raises-usd-58-million-in-oversubscribed-growth-round/