Sygnum, a Zurich-based digital asset banking group, has secured $58M (nearly €56.54M) in an oversubscribed strategic growth round, reaching a post-money valuation of over $1B (nearly €974.91M) and attaining unicorn status.
The round was led by Fulgur Ventures, a Bitcoin-focused venture capital firm, alongside other new and existing investors, including Sygnum team members. The co-founders, board, and team members maintain majority ownership of Sygnum.
Oleg Mikhalsky, Partner of Fulgur Ventures, says, “Fulgur is a venture capital firm that continues to drive investment into the accelerating convergence of Bitcoin and institutional financial markets.”
“Sygnum’s market-tested infrastructure, digital asset-native team and global ecosystem makes them the ideal partner to co-develop innovative Bitcoin-related financial products and technologies – as well as for future collaborations with other Fulgur portfolio companies.”
“We are proud to be the cornerstone investor for the final close of Sygnum’s Strategic Growth Round, which coincides with a potential inflection point for Bitcoin’s institutional adoption and regulatory clarity.”
Sygnum’s business growth
Sygnum is a global digital asset banking group with operations in Switzerland and Singapore. It provides professional and institutional investors, banks, corporates, and DLT foundations with digital asset investment services.
Sygnum offers regulated digital asset banking, asset management, tokenisation, and B2B services. The group holds a banking license in Switzerland, CMS and Major Payment Institution licenses in Singapore, and is regulated in Abu Dhabi and Luxembourg, with registration in Liechtenstein.
In 2024, Sygnum’s trading revenues exceeded the previous year’s total by Q3, with annual trades increasing over 1,000 per cent year-on-year, supported by PostFinance and 20+ banks on its B2B platform serving over one-third of the Swiss population.
In July 2024, the group introduced Sygnum Connect, a 24/7 multi-asset settlement network with members like AsiaNext and Hidden Road. Sygnum also launched Sygnum Protect, a platform for global institutional clients that allows secure, bank-grade custody of collateral while trading on major crypto exchanges.
In the financial year 2024, Sygnum achieved operational profitability and expanded its institutional client base to 2,000 clients across 70+ countries.
Capital utilisation
The funding round increases Sygnum’s balance sheet and Common Equity Tier 1 (CET1) capital, to support its growth plans. The VC firm, managing over $5B in client assets, plans to use proceeds to enter the EU/EEA market by 2025 and establish a regulated presence in Hong Kong.
The funds will also support the expansion of institutional infrastructure, the development of a Bitcoin-focused product portfolio, and potential strategic acquisitions.
Additional investments will enhance organisational resilience, compliance teams, and risk management capabilities in response to the industry’s focus on regulatory compliance.
Mathias Imbach, Sygnum co-founder and Group CEO, says, “Sygnum reaching Unicorn status is a strong validation by the market of our business model, strategy and team. While it is an achievement we are very proud of, it won’t alter the values of integrity and humility, and the importance of displaying confidence without attitude at all times, which have acted as our true-north since day one.”
“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 and to continue to attract talent and capital to remain relevant in the long-term. In that way, Sygnum’s mission is only at the very beginning.”
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