The Swiss cryptocurrency bank, Sygnum, has successfully secured approximately $60 million during its strategic growth phase, with the aim of expanding operations into additional regions.
The digital asset bank, Sygnum based in Switzerland, managed to gather $58 million during its Strategic Growth funding round. This new investment propelled the bank’s worth beyond $1 billion, thereby labeling it as a “unicorn” – a term for startups valued at over $1 billion.
📣 Announcement: Sygnum Successfully Raises $58 Million in Its Oversubscribed Strategic Growth Round, Now Valued as a Unicorn at Over $1 Billion!
— Sygnum Bank (@sygnumofficial) January 14, 2025
In a statement on January 14th, the bank announced that the recent funding round had received more investment than anticipated. Fulgur Ventures, a venture capital firm specializing in Bitcoin, was the lead investor in this round. In addition to Fulgur Ventures, both new and existing investors, as well as members of the Sygnum team, also contributed to the funding. Mathias Imbach, CEO of Sygnum, commented that achieving unicorn status represents a significant endorsement by the market of their business model, strategy, and team.
Though this success makes us particularly proud, it doesn’t change our core values – integrity, humility, and maintaining a balanced confidence without arrogance. These principles, our guiding stars since the beginning, remain steadfast.
Mathias Imbach
Through this funding, the bank intends to utilize the funds for broadening its influence within the European Union (EU), the European Economic Area (EEA), and Hong Kong; enhancing its Bitcoin services; and expanding its range of products.
Founded in 2018, Sygnum reports significant expansion in the year 2024. This growth was evident as the revenues generated from trading products such as crypto spot and derivatives exceeded the entire year’s earnings for 2024 by Q3. Moreover, the number of annual trades made a staggering increase of over 1,000%.
In mid-December 2024, Sygnum published a research report, indicating that many large institutions haven’t ventured into the crypto market so far, implying that there’s still potential for significant price increases if these investors join in. The Swiss bank also posits that altcoins may not outshine Bitcoin as much during future market surges, primarily due to the introduction of Bitcoin exchange-traded funds on the spot market.
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2025-01-14 10:56