Swiss crypto bank Sygnum bags $58m, reaches $1b unicorn status

Swiss crypto bank Sygnum has raised nearly $60 million in a strategic growth round as it plans further regional expansion. Digital asset Swiss bank Sygnum has raised $58 million in its Strategic Growth Round, pushing its value to over $1 billion and making it a “unicorn.” 📣 News: Sygnum Completes USD 58m Strategic Growth Round, Achieves Unicorn Status with 1bn valuation https://t.co/2bZnlcM6TW Sygnum announces it has raised a total of USD 58 million in its oversubscribed Strategic Growth Round, giving it a post-money valuation of more than 1… — Sygnum Bank (@sygnumofficial) January 14, 2025 The bank said in a Jan. 14 announcement that the funding round was oversubscribed, with Fulgur Ventures, a Bitcoin-focused venture capital firm, as the cornerstone investor. New and existing investors, along with Sygnum team members, also participated in the funding. Mathias Imbach, Sygnum’s chief executive, said that reaching unicorn status is “a strong validation by the market of our business model, strategy and team.” “While it is an achievement we are very proud of, it won’t alter the values of integrity and humility, and the importance of displaying confidence without attitude at all times, which have acted as our true-north since day one.” Mathias Imbach You might also like: Crypto bank Sygnum reports profitable H1 2024 as crypto trading volume doubles With the funding, the bank plans to use the proceeds to expand its market presence in the EU/EEA and Hong Kong, as well as improve its Bitcoin services and grow its product offerings. Incorporated in 2018, Sygnum claims that in 2024 it saw major growth as revenues from trading products like crypto spot and derivatives surpassed 2024’s total in Q3, while annual trades increased by more than 1,000%. In mid-December 2024, Sygnum issued a research report , outlining that most of the largest institutions haven’t entered the crypto ecosystem yet, suggesting that the “opportunity for further steep price appreciation is from engagement by these investors.” The Switzerland-based bank also believes that altcoins, unlike the previous bull runs, wouldn’t shine as much as Bitcoin. One of the main reasons, Sygnum says, is the spot Bitcoin exchange-traded funds. Read more: Swiss digital bank Sygnum says nearly 60% of institutional investors bet long on crypto