Sygnum, a crypto banking group, reached a $1 billion valuation after raising $58 million to expand into new markets and enhance Bitcoin services. The company saw 1,000% trade growth in 2024 and continues to lead in regulated crypto solutions.
A top crypto banking group called Sygnum has been valued at $1 billion, making it a “unicorn.” This comes after the company raised $58 million in an oversubscribed funding round.
The company wants to use the money to enter new markets, improve its services for Bitcoin users, and look into possible strategic deals.
A big part of this round was played by Fulgur Ventures, a key investor known for backing projects like Blockstream and the Liquid Network. There were also financial partners and members of the Sygnum team.
However, the company’s co-founders, board, and team still own most of it. Sygnum aims to set up a regulated presence in the EU, the European Economic Area, and Hong Kong with the help of the funds.
Growth in 2024
Sygnum has been able to raise money because its business is growing so quickly. The company said that total crypto trades went up by 1,000% year-over-year in 2024. This was mostly because of its relationship with PostFinance, which is owned by the Swiss government
Sygnum also worked with more than 20 banks on its B2B platform, which gave almost a third of Switzerland’s people access to controlled crypto services.
AsiaNext and Hidden Road have joined forces with Sygnum Connect to make it a stronger settlement network for selling multiple assets 24 hours a day, seven days a week.
Even though Sygnum’s unicorn milestone shows how successful it is, its CEO, Mathias Imbach, is worried about Switzerland’s ability to stay competitive as a global hub for crypto.
“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. Sygnum’s mission is only at the very beginning.”
About Sygnum
Sygnum was established in 2017 and has licenses to act as a bank in Switzerland and as a capital market and payment institution in Singapore. The business is in charge of more than $5 billion in client funds
