Crypto Bank Sygnum Raises $40 Million, Is Crypto Funding Back?

Bhushan Akolkar
January 25, 2024
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Swiss crypto bank Sygnum AG has successfully raised 35 million Swiss francs ($41 million) to support its expansion and acquisition initiatives, aiming to strengthen its presence in new geographical areas.

Sygnum Plans to Expand In Europe and Asia

The funding round, led by asset manager Azimut Holding, values Sygnum at around 725 million Swiss francs ($838 million), consistent with a previous round in January 2022, according to Gerald Goh, co-founder and CEO of Sygnum Singapore. Goh revealed plans to enter one additional European jurisdiction and one more Asian jurisdiction in the coming year, pending necessary approvals.

Sygnum, operating a digital-asset bank in Switzerland and providing asset management and crypto brokerage services in Singapore, is exploring opportunities in the European market for acquisitions aligned with its current business activities, according to Gerald Goh, CEO of Sygnum Singapore.

Goh emphasized that all considered opportunities are within the scope of Sygnum’s existing operations. Over the past two years, Sygnum has seen significant growth, doubling its client base to over 1,700 and increasing assets under management to 3.7 billion Swiss francs by the end of 2023, based on provisional data. In January 2022, the company secured $90 million in funding, with Sun Hung Kai & Co. leading the round.

Is Crypto funding Recovering?

The landscape of crypto venture funding has experienced a significant downturn in the aftermath of the 2022 digital-asset market rout and high-profile bankruptcies, including the collapse of the FTX exchange. This downturn has created a challenging environment, with themes like artificial intelligence taking center stage and casting a shadow over businesses built around blockchain technology.

Courtesy: Bloomberg

Despite the gradual recovery witnessed by the crypto industry in the previous year, investment commitments continue to remain subdued. The aftermath of the 2022 market turbulence and the financial setbacks from notable collapses have contributed to a cautious approach among investors within the crypto venture space.

However, there are some strong players who have still managed to pull off strong fundraise. Earlier this month, crypto exchange HashKey raised a staggering $100 million at a $1 billion valuation.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.