Crypto Banking Group Sygnum Raises $58 Million Reaching Unicorn Status
Crypto banking group Sygnum plans to expand into new regions, enhance its Bitcoin offerings, and explore acquisitions.
In 2024, Sygnum saw a 1,000% year-over-year increase in total trades, largely driven by its partnership with Swiss state-owned bank PostFinance.
It also collaborates with over 20 banks to offer regulated crypto services to nearly a third of Switzerland’s population.
Sygnum, the popular crypto banking group has attained unicorn status by hitting a massive $1 billion in valuation following its recent fundraising of $58 million. Following the recent funding, secured through an oversubscribed strategic growth round, the Sygnum group is planning to enter multiple markets.
Sygnum is planning to expand into new regions, enhance its Bitcoin (BTC)-centric offerings, and explore strategic acquisitions using newly secured funding. In the final phase of Sygnum’s strategic growth round, Fulgur Ventures emerged as a key investor. It is well-known for supporting several industry-leading platforms such as Blockstream and Bitcoin Layer-2 solution Liquid Network.
Apart from Fulgur Ventures, other Sygnum team members as well as strategic and financial investors also participated in the funding round. However, the official announcement clarifies that Sygnum’s co-founders, board, and other team members continue to retain majority ownership in the company. The funds raised will go towards fueling Sygnum’s expansion into the European Union and the European Economic Area, along with setting up a regulated presence in Hong Kong.
Sygnum Saw Huge Surge in Crypto Trades in 2024
Crypto banking group Sygnum stated that the reason behind the oversubscription of its strategic growth round is due to its significant multi-year business growth. Last year in 2024, the company clocked a 1,000% year-over-year jump in total trades, largely driven by its partnership with Swiss state-owned bank PostFinance.
Apart from this, Sygnum also collaborated with more than 20 banks on its business-to-business platform, thereby offering regulated crypto services to nearly a third of Switzerland’s population. Additionally, the company also highlighted successful partnerships with digital asset exchange AsiaNext and prime broker Hidden Road to enhance its 24/7 multi-asset settlement network Sygnum Connect.
Although Sygnum’s unicorn status validates its business model, the company CEO Mathias Imbach is losing confidence in Switzerland’s ability to maintain a competitive edge as a major crypto asset hub. Speaking on the matter, Imbach :
“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. Sygnum’s mission is only at the very beginning.”
“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. Sygnum’s mission is only at the very beginning.”
Sygnum, established in 2017, holds a banking license in Switzerland and capital market services and major payment institution licenses in Singapore. The banking group manages over $5 billion in total client assets.