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Sygnum, a Swiss-based crypto bank, has raised over $40 million in a strategic funding round led by Milan-based asset manager Azimut Holding. The company said it exceeded its target of $35 million.
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Gerald Goh, co-founder and CEO of Sygnum’s Singapore arm, said in a statement, “The broader industry is emerging from the ‘crypto winter’ and investors and market participants are increasingly looking to partner with trusted and well-managed financial institutions.”
“For Sygnum, this fundraising will allow us to further develop our suite of fully regulated solutions to support investors as they increase their exposure to the asset class.”
Sygnum plans to use the newly raised capital to expand and grow the bank into new markets and to further develop its regulated products, such as bank-to-bank digital asset services.
Goh said in the statement that Sygnum plans to enter one market in Europe and another in the Asia-Pacific region, but he could not provide further details due to the firm’s regulatory obligations.
The crypto bank raised $90 million in a previous Series B funding round completed in January 2022 with participation from several Asia-based investors, including Sun Hung Kai CO. &, Animoca Brands, and SBI Holdings.
According to the statement, Sygnum Bank, which is headquartered in Switzerland and Singapore, has also been granted operating licenses in Abu Dhabi and Luxembourg. The company added that it currently manages over $4 billion in assets from over 1,700 customers in 60 countries.
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