tl;dr
Swiss digital asset banking group Sygnum has completed an oversubscribed strategic growth round, raising $58 million and surpassing a $1 billion valuation. Fulgur Ventures led the funding, with Sygnum's co-founders, board, and team members retaining majority ownership. The bank manages over $5 billi...
Sygnum, a Swiss digital asset banking group, has completed an oversubscribed growth round, raising $58 million and surpassing a $1 billion valuation. Fulgur Ventures led the funding, with Sygnum's co-founders, board, and team members retaining majority ownership. The bank manages over $5 billion in client assets, with trading volumes up over 1,000% year-over-year in 2024. The round will support Sygnum's expansion into EU/EEA markets and its regulated presence in Hong Kong, as well as the expansion of its institutional infrastructure and Bitcoin-focused product portfolio.
Additionally, the article discusses Sygnum's partnership with PostFinance and its recent initiatives. Last year in July, Sygnum launched its 24/7 multi-asset settlement network, Sygnum Connect, partnering with digital asset exchange AsiaNext and prime broker Hidden Road. Following that, the company also introduced Sygnum Protect, enabling institutional clients to trade on major crypto exchanges while holding collateral in bank-grade custody. Mathias Imbach, Sygnum's co-founder and group CEO, believes that Switzerland is "losing ground to other jurisdictions" and emphasizes the importance of continuous innovation in the financial sector.
Swiss authorities seized $26 million in crypto assets held at Sygnum Bank by executives of collapsed crypto project Terraform Labs. This followed Terraform Labs' $40 billion implosion in May 2022, which led to multiple fraud charges and Do Kwon's arrest in Montenegro on passport forgery charges while fleeing to Dubai. In June 2023, Do Kwon pleaded not guilty to U.S. charges over Terra's collapse. His criminal trial has been set for 2026 following his extradition to the U.S. Sygnum did not immediately return Decrypt's request for comment.