Sygnum Bank Reaches Unicorn Status After Raising $58M
Sygnum is expanding into new markets after raising $58 million in an oversubscribed strategic growth round, bringing its valuation to over $1 billion.
Global Expansion
The funds will help Sygnum grow its presence in the European Union, the European Economic Area, and Hong Kong, while developing Bitcoin-focused products and pursuing acquisitions. Fulgur Ventures, a key investor known for supporting Blockstream, was involved in the funding round, however Sygnum will maintain majority ownership.
Room For Improvement
The company saw its trading volume surge by over 1,000% in 2024, driven by partnerships with Swiss state-owned bank PostFinance and more than 20 other banks. Sygnum is also working with AsiaNext and Hidden Road to expand its 24/7 multi-asset settlement network, Sygnum Connect.
Despite its success, CEO Mathias Imbach expressed concern that Switzerland is losing its competitive edge as a crypto hub and emphasized the need for continued innovation. Founded in 2017, Sygnum holds licenses in Switzerland and Singapore and manages over $5 billion in client assets.
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