Digital asset banking group Sygnum completes $58 million strategic growth round

Digital asset banking group Sygnum announced the completion of a $58 million strategic growth round of financing, with a post-money valuation exceeding $1 billion. This round of financing was led by Fulgur Ventures, a venture capital institution specializing in bitcoin technology. New and old investors and company employees participated together, and the founding team still maintained a controlling position.
The funds will be mainly used for the expansion of the European Union/European Economic Area market in 2025 and the layout of compliance business in Hong Kong. Sygnum plans to strengthen the development of bitcoin technology-related products and seek strategic acquisition opportunities. The company will also increase its investment in compliance and risk management to cope with the trend of stricter regulation in the industry. According to the performance data, Sygnum's 2024 trading product revenue exceeded the full-year level of 2023 in the third quarter, and the annual trading volume increased by more than 1,000% year-on-year. Its B2B platform provides crypto services to more than 20 institutions including Swiss Post Bank, covering more than one-third of the Swiss population.