What to know:
- Crypto bank Sygnum has closed a $58 million funding round giving it a valuation of over $1 billion and thus acquiring “unicorn” status.
- The round was led by BTC-focused venture capital firm Fulgar Ventures.
The digital asset banking sector has recently added a new billion-dollar company to its roster – Sygnum, following the successful completion of a $58 million investment round.
In a statement sent out on Tuesday, the lender based in both Zug, Switzerland and Singapore announced that they had successfully completed an oversubscribed funding round aimed at strategic growth. This round was primarily spearheaded by venture capital firm Fulgar Ventures, which specializes in Bitcoin investments.
The funding round elevated Sygnum to the level of a “unicorn,” a term referring to privately-held companies worth a billion dollars or more. This significant investment occurred approximately a year after Sygnum was appraised at a valuation of $900 million following a $40 million capital raise.
Sygnum, already licensed in Luxembourg, Switzerland, and Singapore, intends to utilize fresh capital for broadening its reach into the European market and establishing a regulated presence in Hong Kong.
The bank intends to broaden its offerings, emphasizing Bitcoin-related technologies, and is positioning itself for potential mergers and acquisitions.
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2025-01-14 11:02