Sygnum Achieves Unicorn Status with $1 Billion Valuation After Fundraising
Sygnum, a crypto banking group, has reached unicorn status with a valuation of $1 billion after raising $58 million in an oversubscribed funding round. The funds will support Sygnum's expansion into new markets, enhance its Bitcoin-centric offerings, and explore strategic acquisitions.
- Fulgur Ventures was a key investor in the funding round.
- Sygnum plans to establish a regulated presence in Hong Kong and expand in the EU and EEA.
- The company reported a 1,000% year-over-year increase in total trades in 2024, driven by partnerships with banks like PostFinance.
- Sygnum collaborates with over 20 banks, providing regulated crypto services to roughly one-third of Switzerland’s population.
- CEO Mathias Imbach expressed concerns about Switzerland losing its competitive edge as a crypto asset hub.
- Sygnum manages over $5 billion in client assets and holds licenses in Switzerland and Singapore.