Crypto banking group Sygnum today announced that it has secured more than $40 million in the interim close of a strategic funding round led by Milan-based asset manager Azimut Holding.
The company said in a statement shared with The Block that the amount raised exceeded its $35 million goal.
“As the broader industry emerges from the ‘crypto winter’, investors and market participants are increasingly seeking partnerships with trusted and well-governed financial institutions,” Gerald Goh, co-founder and CEO of Sygnum’s Singapore office, said in a statement. “He said. “For Sygnum, this fundraising will allow us to further build out our fully regulated suite of solutions to support investors as they increase their exposure to the asset class.”
Sygnum plans to use the newly raised capital to drive expansion into new markets for banks and further develop regulated products such as interbank digital asset services.
Goh told The Block that Sygnum plans to enter European and Asia-Pacific markets, but could not disclose further details due to regulatory obligations.
previously Series B funding roundThe cryptocurrency bank, which closed in January 2022, secured $90 million with participation from several Asia-based investors, including Sun Hung Kai & Co., Animoca Brands and SBI Holdings.
Sygnum Bank, which is headquartered in Switzerland and Singapore, is also licensed to operate in Abu Dhabi and Luxembourg, according to the statement. The company added that it currently manages more than $4 billion in assets from more than 1,700 clients in 60 countries.
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About the author
Danny Park is The Block’s East Asia reporter, writing about topics including Web3 development and cryptocurrency regulation in the region. He previously worked as a reporter for Forkast.News, where he actively covered the fall of Terra-Luna and FTX. Based in Seoul, Danny previously produced written and video content for media companies in Korea, Hong Kong and China. He holds a Bachelor’s degree in Journalism and Business Marketing from the University of Hong Kong.