Bucksfeed.com

All Day News

Uncategorised

Crypto Bank Sygnum Raises $40 Million, Is Crypto Funding Back?

Swiss crypto bank Sygnum AG has successfully raised 35 million Swiss francs ($41 million) to support its expansion and acquisition initiatives, aiming to strengthen its presence in new geographical areas.

Sygnum Plans to Expand In Europe and Asia

The funding round, led by asset manager Azimut Holding, values Sygnum at around 725 million Swiss francs ($838 million), consistent with a previous round in January 2022, according to Gerald Goh, co-founder and CEO of Sygnum Singapore. Goh revealed plans to enter one additional European jurisdiction and one more Asian jurisdiction in the coming year, pending necessary approvals.

Sygnum, operating a digital-asset bank in Switzerland and providing asset management and crypto brokerage services in Singapore, is exploring opportunities in the European market for acquisitions aligned with its current business activities, according to Gerald Goh, CEO of Sygnum Singapore.

Goh emphasized that all considered opportunities are within the scope of Sygnum’s existing operations. Over the past two years, Sygnum has seen significant growth, doubling its client base to over 1,700 and increasing assets under management to 3.7 billion Swiss francs by the end of 2023, based on provisional data. In January 2022, the company secured $90 million in funding, with Sun Hung Kai & Co. leading the round.

Is Crypto funding Recovering?

The landscape of crypto venture funding has experienced a significant downturn in the aftermath of the 2022 digital-asset market rout and high-profile bankruptcies, including the collapse of the FTX exchange. This downturn has created a challenging environment, with themes like artificial intelligence taking center stage and casting a shadow over businesses built around blockchain technology.

Courtesy: Bloomberg

Despite the gradual recovery witnessed by the crypto industry in the previous year, investment commitments continue to remain subdued. The aftermath of the 2022 market turbulence and the financial setbacks from notable collapses have contributed to a cautious approach among investors within the crypto venture space.

However, there are some strong players who have still managed to pull off strong fundraise. Earlier this month, crypto exchange HashKey raised a staggering $100 million at a $1 billion valuation.

The post Crypto Bank Sygnum Raises $40 Million, Is Crypto Funding Back? appeared first on CoinGape.

LEAVE A RESPONSE

Your email address will not be published. Required fields are marked *