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Swiss digital asset bank Sygnum raises $90 million

Swiss digital asset bank Sygnum raises $90 million

Sygnum, a digital asset technology group with a Swiss banking license and a Singapore asset management licence, has raised $90 million in an oversubscribed Series B funding round led by Sun Hung Kai & Co. Limited.

They are joined by a raft of new and existing strategic investors, with the round valuing Sygnum at $800 million on a post-money basis. Previous investors in the firm include SBI Holdings and Siam Commercial Bank's digital investment arm, SCB 10X.

The new funding comes on the heels of a solid trading year at Sygnum, which delivered a tenfold year-on-year increase in consolidated gross revenues. In the same period, its client base neared 1,000 financial institutions, banks, corporates and private investors, and its assets under administration grew to over $2 billion.

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

The firm intends to use the funds to create new DeFi offerings in conjunction with its investors and expand its Singapore operations.

"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", says Gerald Goh, Sygnum co-founder and CEO Singapore. "We look forward to partnering with our strong global network of strategic investors to expand our suite of fully-regulated digital asset offerings and solutions into these emerging verticals."

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