Cryptobank Sygnum reaches $1bn valuation after latest funding round
Sygnum raises $58M in oversubscribed growth round, boosting valuation above $1 billion
Cryptocurrency banking group Sygnum has secured $58 million in an oversubscribed strategic growth round, boosting its post-money valuation to over $1 billion.
The Swiss-based digital asset bank announced plans to expand into new markets, develop Bitcoin-centric products, and explore strategic acquisitions, reports Cointelegraph.
Fresh Funding Fuels Global Growth
Sygnum’s funding round, led by cornerstone investor Fulgur Ventures—backers of notable Bitcoin platforms like Blockstream—aims to strengthen its presence in the European Union and the European Economic Area. The proceeds will also support the establishment of a regulated presence in Hong Kong. Despite raising significant external funds, the company’s co-founders, board, and team members retain majority ownership, demonstrating a commitment to its vision.
The funds will also be used to enhance Sygnum’s Bitcoin-focused offerings and expand its role in the rapidly evolving digital asset ecosystem.
Surging Demand in 2024 Propels Expansion
Sygnum’s growth reflects the increasing institutional and retail interest in crypto. In 2024, total trades on the platform skyrocketed by over 1,000% year-over-year, driven by collaborations like its partnership with Swiss state-owned bank PostFinance. The company’s business-to-business platform now serves more than a third of the Swiss population, with 20 banking partners providing regulated crypto services.
Other partnerships, including those with AsiaNext and prime broker Hidden Road, have contributed to the success of Sygnum’s 24/7 multi-asset settlement network, Sygnum Connect.
Challenges in Switzerland’s Crypto Ecosystem
While Sygnum’s achievements validate its business model, CEO Mathias Imbach cautioned that Switzerland risks losing its status as a leading crypto hub.
“As Switzerland is currently losing ground to other jurisdictions as a preferred digital asset hub, it is also our obligation to highlight the need for Switzerland to not ignore the importance of continuous innovation in the financial sector,” Imbach said.
Recently we wrote, that in a bid to enhance regulatory cooperation in the rapidly evolving world of digital assets, the New York Department of Financial Services (NYDFS) and the Bank of England have announced a Transatlantic Regulatory Exchange (TRE) program.
