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Sygnum Bank’s Unicorn Status Signals Potential Growth in European and Asian Crypto Markets
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Sygnum, the Swiss-Singaporean crypto bank, has secured unicorn status with a $1 billion valuation, propelled by a $58 million funding round led by Fulgur Ventures.
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This funding strategically aims to bolster Sygnum’s expansion across Europe and Asia, leveraging its recent registration in Liechtenstein.
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Trading revenues in 2024 have surged, showcasing robust institutional interest in digital assets amidst prevailing market challenges.
Sygnum Bank reaches a $1 billion valuation, boosting its expansion plans in Europe and Asia following a significant funding round. Discover its market strategies.
Sygnum Bank to Grow European Presence With New Funding
In a significant development for the digital asset sector, Sygnum Bank, which focuses on institutional clients, announced the completion of a $58 million funding round led by Fulgur Ventures. This investment elevates the bank’s valuation to $1 billion, signaling a strong vote of confidence in its growth strategy.
Fulgur Ventures, known for its exclusive focus on cryptocurrency ventures, highlighted the potential of Sygnum’s offerings, which range from crypto token trading to digital asset custody. With recent registration in Liechtenstein, Sygnum is now positioned to capitalize on a broader market across the European Union and the European Economic Area.
Mathias Imbach, the bank’s co-founder and CEO, emphasized that this injection of capital will not only facilitate Sygnum’s European expansion but will also enhance its technological infrastructure and product portfolio. He stated, “Sygnum has focused on its home markets in Europe and Asia,” showcasing the bank’s commitment to strengthening its operations in core regions.
Record Trading Revenue Reflects Increasing Demand
As Sygnum Bank continues to make strides in its business, it has reported a notable uptick in trading revenue, which has already exceeded the total annual earnings from the previous year by the end of Q3 2024. This growth reflects a burgeoning interest among institutional investors for sophisticated crypto services, underscoring Sygnum’s role as a key player in the crypto banking landscape.