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Highlights
- Sygnum achieves USD 1 billion valuation after recent funding round.
- Bank plans to expand across Europe and Asia, focusing on institutional clients.
- Sygnum introduces web3 wallet recovery module for secure self-custody.
Sygnum, a crypto-focused bank, has achieved a valuation of USD 1 billion following its successful funding round, which raised USD 58 million. The round included participation from Fulgur Ventures, a venture capital firm focused on bitcoin, along with contributions from existing and new investors. Employees of the bank also participated in the fundraising. This deal highlights signs of recovery within the cryptocurrency sector, which is gradually stabilizing after the challenges of tighter monetary policies and the collapse of high-profile entities like FTX.
Expanding Services Across Europe and Asia
Headquartered in Zurich and Singapore, Sygnum specializes in offering a variety of institutional services, including crypto token trading, borrowing against crypto assets, digital asset custody, and interest-earning options for crypto holdings. The bank’s services are exclusively available to institutional clients and do not extend to retail users.
Registered in Liechtenstein as of September, the bank is working to expand its presence across the European Union and European Economic Area by the end of the year. The funds raised in the latest round will be used to support this expansion as well as the launch of operations in Hong Kong. Sygnum will also focus on further enhancing its infrastructure and product offerings to meet the needs of its growing client base.
Strong Performance and Innovative Developments
By the third quarter of the year, Sygnum reported that revenues from its trading products, which include crypto spot, derivatives, foreign exchange, and traditional securities, had already surpassed the total revenues recorded in the previous year. This marks a significant achievement for the bank as it continues to strengthen its core operations in Europe and Asia.
The bank has no immediate plans to establish a presence in the US, though it is monitoring positive developments in US crypto market regulations. Sygnum is exploring partnerships or acquisitions as possible avenues to leverage these trends. In October, Sygnum also introduced a web3 wallet recovery module built on Safe, a multi-signature web3 wallet infrastructure provider. This new initiative enables Sygnum to restore access to users' wallets, providing an additional layer of security and compliance for crypto self-custody.
