Crypto bank Sygnum hits unicorn status with new $58M raise
Sygnum, a cryptocurrency banking group, secured $58 million in a strategic growth round, achieving a valuation exceeding $1 billion and attaining unicorn status. The funding will facilitate expansion into the European Union and Hong Kong, development of Bitcoin-focused products, and strategic acquisitions. Fulgur Ventures led the investment, with participation from other strategic and financial investors. Sygnum reported a 1,000% increase in total trades in 2024, driven by partnerships with Swiss state-owned PostFinance and over 20 banks, providing regulated crypto services to a significant portion of the Swiss population. Despite its success, Sygnum's CEO warned that Switzerland is losing its status as a leading digital asset hub, emphasizing the need for continuous innovation in the financial sector. Founded in 2017, Sygnum holds banking licenses in Switzerland and Singapore, managing over $5 billion in client assets.
