Swiss Crypto Bank Sygnum Inches Closer to 'Unicorn' Status With $40M Raise

Sygnum, a crypto banking group based in Switzerland, closed a $40 million round, which valued the firm at $900 million.

“Closing a successful funding round in this macro environment with such strong partners is exciting, and we are thankful for our investors’ trust in us,” Mathias Imbach, Sygnum’s co-founder and CEO, said in a press release on Thursday. “Our strategy to build trust via regulation and good governance has guided us throughout all market cycles.”

Investment manager Azimut Holdings led the round. The company says it plans to use the proceeds to expand its offerings into new markets in Europe and Asia.

In January 2022, Sygnum had closed a $90 million funding round, valuing the firm at $800 million. Since the close of the last round, the bank’s assets under management have grown to $4 billion, with 1,700 clients from more than 60 countries.

“The broader industry is emerging from the ‘crypto winter,’ and investors and market participants are increasingly seeking to partner with trusted and well-managed financial institutions,” Gerald Goh, the firm’s co-founder and CEO of its Singapore operations, said in a release. “For Sygnum, this fundraise will allow us to further build out our suite of fully regulated solutions to support investors as they increase their exposure to the asset class.

In April of last year, Sygnum participated in the $23 million fundraise for staking provider P2P.org.

P2P is developing a new intermediary-focused infrastructure platform, leveraging the recent Shanghai upgrade of Ethereum to enhance user experience in staking and fuel expansion initiatives.