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The cryptocurrency banking business Sygnum, located in Switzerland, has closed a $58 million oversubscribed strategic development round and is preparing to expand internationally. With a worth of more than $1 billion, Sygnum is now formally considered a unicorn company.
The money will support Sygnum’s foray into a number of international markets, such as the European Union and the European Economic Community. Additionally, the business intends to develop a controlled presence in Hong Kong. In addition to expanding geographically, Sygnum wants to improve its market position by pursuing strategic acquisitions and creating cutting-edge Bitcoin-related products.
Fulgur Ventures, a cornerstone investor in this funding round, has a reputation for supporting major blockchain platforms like Blockstream. Blockstream is known for creating the Liquid Network, a Bitcoin layer-2 solution that enhances transaction efficiency.
Sygnum’s co-founders, board, and team members retain majority ownership, demonstrating their strong commitment to the company’s mission. In addition to Fulgur Ventures, several other strategic and financial investors participated in this round.
The company has also seen significant success through partnerships. Collaborating with Swiss state-owned bank PostFinance, Sygnum now offers regulated crypto services to over a third of Switzerland’s population. Its business-to-business platform works with at least 20 banks, further solidifying its position in the financial ecosystem.
In 2024, Sygnum reported a staggering 1,000% year-over-year increase in total trades. This growth was driven by key partnerships and its innovative 24/7 multi-asset settlement network, Sygnum Connect. Collaborations with digital asset exchange AsiaNext and prime broker Hidden Road have further enhanced its capabilities.
Sygnum’s CEO emphasized the importance of their mission: “We aim to shape the future of regulated digital asset banking by expanding our footprint and advancing Bitcoin products.”
With fresh capital and a robust growth strategy, Sygnum is poised to continue its trailblazing journey in the crypto-banking sector.