Swiss crypto banking group Sygnum has successfully concluded a $40 million funding round, elevating the firm’s valuation to $900 million. Expressing gratitude for the support of investors, Mathias Imbach, Sygnum’s co-founder and CEO, emphasized the significance of their strategy centered on regulation and governance in navigating various market cycles.
Azimut Holdings, an investment manager, spearheaded the funding round, with plans for Sygnum to utilize the capital to extend its services into untapped markets in Europe and Asia.
This achievement follows Sygnum’s earlier funding success in January 2022 when it secured $90 million, valuing the company at $800 million. Since that funding round’s closure, Sygnum has witnessed substantial growth, with its assets under management surging to $4 billion and a client base spanning 1,700 individuals from more than 60 countries.
Gerald Goh, Sygnum’s co-founder and CEO of its Singapore operations, highlighted the industry’s emergence from the ‘crypto winter,’ indicating a growing inclination among investors and market participants to collaborate with reputable and well-managed financial institutions. The latest funding infusion will empower Sygnum to expand its suite of fully regulated solutions, supporting investors as they increase their exposure to the crypto asset class.
In a noteworthy move last year, Sygnum participated in a $23 million funding round for staking provider P2P.org. P2P.org is actively developing an intermediary-focused infrastructure platform, leveraging the recent Shanghai upgrade of Ethereum to enhance user experience in staking and fuel expansion initiatives.
