Swiss-based crypto firm Sygnum raises $90m

The financing was led by Sun Hung Kai & Co. Limited with participation from existing investors

                                
Sygnum will use the capital to expand into new global markets and expand its Singapore hub - Photo: Shutterstock
                                

Swiss-based Sygnum, which provides digital asset management within the financial services sector, has raised $90m in a new Series B funding round which pushes the company's post-funding valuation to $800m.

Financial investment and property development firm Sun Hung Kai & Co. Limited led the round and was joined by strategic investors including Meta Investments, NFT gaming firm Animoca Brands, Wemade and SBI Holdings, as well as notable equity firms and angel investors.

Global expansion

Sygnum, which describes itself as “founded on Swiss and Singapore heritage”, holds a Swiss banking license and Singapore asset management licence, and plans to use the newly raised capital to expand into new global markets, expand its Singapore hub’s operations and build out its asset management services to provide innovative products to its strategic investors.

It witnessed a strong 2021 as cryptocurrencies and digital assets hit mainstream adoption, with the firm closing in on almost 1,000 financial clients in its portfolio and with than $2bn in assets under management.

“Savvy digital asset investors are increasingly looking for novel opportunities in the frontiers of Web 3.0, including DeFi, NFTs, play-to-earn gaming and the metaverse”, said Gerald Goh, Sygnum co-founder and CEO Singapore.

“The digital asset economy is rapidly crossing the chasm to mainstream adoption, where investors will demand fully-regulated solutions as they accelerate their exposure," added Mathias Imbach, Sygnum co-founder and group CEO.

"This financing round is a key milestone in our global expansion and in our mission to empower everyone everywhere to own digital assets with complete trust."

Lee Seng Huang, group executive chairman of Sun Hung Kai & Co. Ltd, commented: “Amidst growing institutional demand and regulatory oversight of this sector, Sygnum, with its track record as a fully-regulated digital asset bank and asset manager, is the ideal partner for us to co-develop digital asset focused products together and to cater to the strong demand for digital asset solutions and services in Asia, Europe and beyond.”  

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