Sygnum, a Zurich-based digital asset bank, and trading platform, announced on Thursday that it has raised $90M (approx €79.5M) funding in an oversubscribed Series B funding round.
Sun Hung Kai & Co. Limited, a Hong Kong-listed alternative investment financial services institution, led the round.
Other new and existing investors such as Meta Investments, Animoca Brands, Wemade, SBI Holdings, and Siam Commercial Bank’s digital investment arm, SCB 10X, also participated in the round.
The round also saw the participation of a large group of employees as personal investors, claims the company in a press release. The Series B round gives Sygnum a post-money valuation of $800M (approx €707M).
Fund utilisation
The capital will enable the Swiss company to accelerate product development, like adding yield-generating products, asset management solutions, and new commercial partnerships with leading blockchain ecosystems like the Dfinity Foundation.
“Savvy digital asset investors are increasingly looking for novel opportunities in the frontiers of Web 3.0, including DeFi, NFTs, play-to-earn gaming, and the metaverse”, says Gerald Goh, Sygnum Co-Founder of Sygnum Singapore. “We look forward to partnering with our strong global network of strategic investors to expand our suite of fully-regulated digital asset offerings and solutions into these emerging verticals,” he adds.
The company is also planning to expand its operations into new global markets and expand its Singapore hub’s operations.
“The digital asset economy is rapidly crossing the chasm to mainstream adoption, where investors will demand fully-regulated solutions as they accelerate their exposure. This financing round is a key milestone in our global expansion and in our mission to empower everyone everywhere to own digital assets with complete trust”, says Mathias Imbach, Sygnum Co-Founder and Group CEO.
Sygnum: What you need to know
Founded by Gerald Goh and Mathias Imbach, Sygnum provides a fully-regulated suite of integrated digital asset financial products and services.
It includes bank-grade digital asset custody and fiat rails, spot and options trading, cryptocurrency-backed fiat loans, innovative digital asset-focused asset management products, asset tokenisation solutions, and B2B banking for regulated financial institutions.
At present, Sygnum has a Swiss banking license and a Singapore asset management licence.
In 2021, the company witnessed a tenfold YoY increase in consolidated gross revenues. Sygnum says its client base approached 1,000 financial institutions, banks, corporates, and private investors, and its assets under administration grew over $2B (approx €1.76B).
Investors
Based out of Hong Kong, Sun Hung Kai & Co. Ltd is an alternative investment firm. The Group invests across public markets, alternatives, and real assets, and has an established track record of generating long-term risk-adjusted returns for its shareholders.
Lee Seng Huang, Group Executive Chairman of Sun Hung Kai & Co. Ltd, says, “Amidst growing institutional demand and regulatory oversight of this sector, Sygnum, with its track record as a fully-regulated digital asset bank and asset manager, is the ideal partner for us to co-develop digital asset focused products together and to cater to the strong demand for digital asset solutions and services in Asia, Europe and beyond.”
