Digital asset bank Sygnum raises $90 million

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06.01.2022
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The round gives Sygnum a post-money valuation of $ ~800 million, underpinned by a tenfold increase in consolidated gross revenues in 2021, an institutional client base now nearing 1,000 and assets under administration growing to over $ 2 billion. Sygnum is a digital asset technology group with a Swiss banking license and a Singapore asset management licence.

Sygnum’s Series B is led by Sun Hung Kai & Co. Limited, a leading Hong Kong listed alternative investment financial services institution. Other significant co-investors in the round include Canadian investment firm Meta Investments, prominent blockchain, non-fungible token (NFT) and metaverse gaming companies including Animoca Brands and Wemade, founders of leading decentralized finance (DeFi) protocols and existing strategic investors including SBI Holdings and Siam Commercial Bank’s digital investment arm, SCB 10X.  

As with all prior fundraising rounds, the Series B also saw the participation of a large group of employees as personal investors. These team members have now joined the co-founders, board members and management team as shareholders of the firm, and this group continues to hold majority ownership of the company.

Sygnum provides a fully-regulated suite of integrated digital asset financial products and services, including bank-grade digital asset custody and fiat rails, spot and options trading, cryptocurrency-backed fiat loans, innovative digital asset-focused asset management products, asset tokenization solutions and B2B banking for regulated financial institutions.

Proceeds will accelerate Sygnum’s development of new institutional-grade Web 3.0 offerings, including:

  • Additional yield-generating products, including white-listed DeFi pools and expanded staking services
  • Asset management solutions providing trusted access to new, high-growth DeFi innovations
  • New commercial partnerships with leading blockchain ecosystems like the Dfinity Foundation

The USD 90m raised will also propel Sygnum’s market-tested offerings into new global markets, expand its Singapore hub’s operations and provide opportunities to co-create and distribute innovative products internationally with its strategic investors.

(Press release / SK)

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