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SBI takes stake in digital asset bank Sygnum

SBI takes stake in digital asset bank Sygnum

Swiss digital asset bank Sygnum has scored an eight-figure dollar investment from a unit of Japanese financial behemoth SBI Holdings.

SBI Digital Asset Holdings led a strategic fund raising round for Sygnum, following up on a partnership between the pair that was established late last year.

Sygnum has now raised around $30 million in the last six months and will use the proceeds to grow the firm's assets under administration, which stood at over half a billion dollars last month.

The money will also be used to move into new European and Asian markets and push along new products and services, including the commercialisation of a tokenisation platform and secondary market trading facility, as well as expanding the company's open banking API infrastructure and adding new custody features.

Yoshitaka Kitao, CEO, SBI Holdings, says: "We believe in the potential that digital assets and security tokens bring to investors and financial institutions.

"One of SBI’s growth strategies revolves around building a vibrant global ecosystem for the digital asset economy, and we are pleased to have Sygnum - with its digital product offering and expertise in Europe and Asia - as a strategic partner in this journey."

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