Introduction
The final close cornerstone investor Fulgur Ventures, which is a venture capital firm that focuses on bitcoin, is joined by new and existing strategic and financial investors, as well as members of the Sygnum team. The new funding comes after the company raised $40 million in January of the previous year at a valuation of up to $900 million. This is a $100 million increase over the company’s Series B funding of $90 million in October of 2022.
This current fundraising round comes on the heels of Sygnum’s first profitable year in fiscal year 2024, during which the company continued to expand its institutional client base, which already consisted of 2,000 individuals and was located in over 70 countries and held $5 billion in client assets. PostFinance and the twenty or more banks that are part of its business-to-business platform, which offers regulated cryptocurrency services to more than a third of the Swiss population, were the driving forces behind the surge of more than one thousand percent year-over-year in total annual trades throughout the Sygnum platform in 2024. Sygnum Connect is a multi-asset settlement network that operates around the clock and was introduced by Sygnum in July 2024. Among the members of the network at the time of its establishment were the digital asset exchange AsiaNext and the prime broker Hidden Road. The second new platform that Sygnum launched a few months earlier was called Sygnum Protect, and it was designed to provide institutional cryptocurrency investors with a collateral protecting product.
Industry Comments
Mathias Imbach, Sygnum co-founder and group CEO, comments: “Sygnum reaching Unicorn status is a strong validation by the market of our business model, strategy and team. As Switzerland is currently losing ground to other jurisdictions as a preferred digital asset hub, it is also our obligation to highlight the need for Switzerland to not ignore the importance of continuous innovation in the financial sector and to continue to attract talent and capital to remain relevant in the long-term. In that way, Sygnum’s mission is only at the very beginning.” He says the firm will use the proceeds from the raise to drive multi-region market entry across the EU and Hong Kong, to expand the product portfolio with a focus on bitcoin-technology, and for M&A activity.
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FAQ 1: What is Sygnum and what services does it offer?
Sygnum is a digital asset bank that provides a range of financial services for institutional clients, including regulated crypto services and multi-asset settlement solutions. The bank operates a B2B platform that allows over 20 banks, including PostFinance, to offer crypto services to their clients. Sygnum also launched Sygnum Connect, a 24/7 multi-asset settlement network, and Sygnum Protect, a collateral shielding product for institutional investors. Its client base spans over 70 countries, with a focus on providing secure and regulated services in the digital asset space.
FAQ 2: What is the latest funding round for Sygnum, and who are the key investors?
Sygnum recently completed a funding round led by cornerstone investor Fulgur Ventures, a bitcoin-focused venture capital firm. The round attracted new and existing strategic and financial investors, as well as team members from Sygnum. This funding follows a $40 million raise in January 2024 and comes after Sygnum’s first profitable year in FY 2024. The company’s valuation increased by $100 million from its $90 million Series B round in October 2022, demonstrating strong growth and investor confidence.
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FAQ 3: What milestones did Sygnum achieve in FY 2024?
In FY 2024, Sygnum achieved significant milestones, including its first profitable year. The company grew its client base to 2,000 institutional clients, holding $5 billion in assets, and expanded its services to over 70 countries. The platform also saw an increase of more than 1,000% in annual trades, driven by its B2B platform and partnerships with banks like PostFinance. Additionally, Sygnum launched Sygnum Connect, a multi-asset settlement network, and Sygnum Protect, a product designed to shield collateral for institutional crypto investors.
Conclusion
Sygnum’s recent funding round marks a significant step in the company’s continued expansion and growth in the digital asset space. With the backing of strategic investors like Fulgur Ventures, and a strong performance in FY 2024, including its first profitable year, Sygnum is well-positioned to further solidify its role as a leading digital asset bank. The company’s innovations, such as the Sygnum Connect settlement network and Sygnum Protect collateral shielding product, highlight its commitment to providing secure and regulated solutions for institutional clients. With a rapidly expanding client base and a robust platform, Sygnum continues to play a key role in the evolving digital asset ecosystem, offering institutions the tools they need to navigate and thrive in the world of regulated crypto services.
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