Swiss digital asset banking group Sygnum has secured $58 million in an oversubscribed strategic growth round, elevating its valuation beyond $1 billion. Led by Bitcoin-focused venture capital firm Fulgur Ventures, the financing attracted both new and existing strategic investors, while Sygnum’s co-founders and team retain majority ownership. The bank manages over $5 billion in client assets and reported trading volumes surging over 1,000% year-over-year. This growth was spurred by initiatives launched in April 2023. Sygnum aims to expand into EU/EEA markets and establish a regulated presence in Hong Kong. The funding will also enhance its institutional infrastructure and diversify its Bitcoin product offerings. Despite these advancements, CEO Mathias Imbach warns that Switzerland is losing ground against other jurisdictions and emphasizes the need for ongoing innovation. The round signals strong validation for Sygnum, particularly following challenges like the seizure of funds linked to the Terraform Labs collapse in 2022.

Source 🔗