Sygnum On Verge of Unicorn Status after $40M Crypto Raise

• Switzerland-based Crypto Bank Sygnum Secures $40 Million in Recent Funding Round
• Funding to Propel Expansion in Europe and Asia
• Sygnum's Previous Funding Success
• Crypto Industry Emergence and Sygnum's Growth
• Sygnum's Participation in Peer-to-Peer Staking Provider Funding

Switzerland-based Crypto Bank Sygnum Secures $40 Million in Recent Funding Round

Sygnum, a prominent cryptocurrency banking group established in Switzerland, successfully raised $40 million in a recent funding round, bringing the company's valuation to a staggering $900 million. Mathias Imbach, the co-founder and CEO of Sygnum, expressed his appreciation for the trust and support of the investors in the company's vision and strategy.

Funding to Propel Expansion in Europe and Asia

The financing round was spearheaded by Azimut Holdings, a renowned investment manager. The firm has revealed plans to utilize the funds to extend its services into new markets across Europe and Asia.

Sygnum's Previous Funding Success

In January of 2022, the company finalized a funding round that garnered $90 million, placing the firm's valuation at $800 million. Since the closure of that round, the bank has expanded its assets under management to a robust $4 billion, servicing 1,700 clients across over 60 countries.

Crypto Industry Emergence and Sygnum's Growth

As the overarching industry gradually recovers from the 'crypto winter', players in the market, as well as investors, are increasingly looking to collaborate with trustworthy and competently managed financial institutions. Gerald Goh, the co-founder of Sygnum and the CEO of the firm's Singapore operations, believes that the funds raised will enable Sygnum to further develop its fully regulated solutions. This is expected to assist investors in augmenting their exposure to the asset class.

Sygnum's Participation in Peer-to-Peer Staking Provider Funding

In April of the previous year, Sygnum took part in a $23 million fundraising event for the staking provider, P2P.org. P2P is currently working on crafting a new intermediary-focused infrastructure platform. This platform will leverage the latest Shanghai upgrade of Ethereum$2,315 -2.42% to improve user experience in staking, as well as support expansion efforts.

Edited by Jonathan Stoker